Circle has hired former JPMorgan executive Paul Camp as its CFO. He has roughly 20 years experience in the banking and finance industry, and most recently he served as the global head and managing director at JPMorgan’s transactions services division. He is one of the most senior Wall Street bankers to join a digital currency company.
In his new role, he will leverage his experience to direct Circle’s financial affairs and work with investors, regulators and other industry players. He seeks to build a “cheaper, faster, better and more transparent” global payments system with Circle’s online wallet and account management system. Based on his past banking experience, he commented:
“The banks are absolutely interested in this space. They are interested because of the growth and because of the innovation…that may change their business model.”
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He even went as far as to say that in a decade from now, digital currencies will follow the path of the euro and yuan with a growing role in global payments.
Previously, he worked in a similar capacity at Deutsche Bank’s Cash Management Services Group, helping the bank emerge as a top clearing center for the euro during its earliest days.
A key challenge may be to devise how Circle’s solutions will generate revenue for investors, which have funded $26 million thus far.