Former JPMorgan Executive Joins Circle as CFO, Seeks to Improve Global Payments System
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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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."
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.
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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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."
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.