The expanding arena of decentralization has become too big for financial entities to ignore. In a recent move, S&P Global, the world’s foremost provider of credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets has plans for expansion in the decentralized space.
According to a recent job posting, S&P Global is looking for a director of decentralized finance (DeFi) as it looks to firm up its strategy around decentralized markets. The hired candidate will work with Chuck Mounts, S&P’s chief DeFi officer, and will help in building and implementing the firm’s strategies in the DeFi space.
The job posting requires the candidate to have an understanding of the crypto market and should also be able to resonate with the firm’s ideologies. Quoting the condition for eligibility as stated in the posting:
A crypto market participant with a deep understanding of the disruption it represents both for our company and our customers.
Aside from a well understanding of S&P Global’s business and product lines, potential candidates should have a “solid foundation in crypto finance and DeFi.” The salary range for the mentioned designation is between $107,100 to $212,975, depending on location, experience, and qualifications.
Notably, S&P Global’s recent hiring for the DeFi space signals how mainstream interest has continued to grow. Moreover, the increasing interest has been observed despite cryptocurrencies having tumbled from their ATH values recorded in 2021 and the recent bankruptcies that sent shockwaves through the sector.
Sources reveal that the DeFi team at S&P Global covers blockchain, Web3, metaverse, as well as decentralized finance. In addition, it plays a “critical role in identifying and navigating” future disruption risks alongside identifying and facilitating new investment and partnership opportunities.
S&P was founded more than a century ago and has become the latest mainstream company to explore cryptocurrency and blockchain technology. Before S&P, just last month Nasdaq announced plans to offer crypto custody and trading solutions. Nasdaq cited institutional appetite as one of the key drivers behind the decision and is hopeful it will gain regulatory approval during this quarter.
The growing interest of investors has brought many financial institutions to consider the idea of decentralization. BNY Mellon, the oldest bank in the US, launched its digital asset custody services in October last year. The firm offers crypto access to select clients interested in Bitcoin and Ethereum, alongside its traditional products on the same platform. Its custody offering is part of its broader push into the crypto space, which includes plans to provide clients with trading and financing services for digital assets.
Notably, despite severe criticism from its CEO Jamie Dimon, JP Morgan in collaboration with the central bank of Singapore participated in its first-ever DeFi transaction last year. The pilot program aimed to identify the potential use cases of DeFi applications in the financial markets. Additionally, it was an asset tokenization and international transfer experiment.