Bank of America hired the head of engineering for JPMorgan's blockchain arm

There have been a fair few departures from JPMorgan's blockchain payments arm, Kinexys, in the past year. At the start of the year it lost Naveen Mallela, the division's co-head, to Standard Chartered. Now, it has lost its head of engineering to a rival US bank.

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Sudhir Upadhyay has joined Bank of America as an MD and head of its global markets digital assets technology team. BofA declined to comment, but the team is understood to be newly formed.

Upadhyay spent the last two decades at JPMorgan, joining in 2005. He joined Kinexys in 2019 (back when it was known as Onyx) and was one of multiple leaders in the team to make MD in 2023. He was previously an engineering lead focused on emerging technologies within its investment banking division, and worked on technologies like machine learning and cognitive computing. JPMorgan declined to comment regarding whether it had appointed a replacement for Upadhyay. 

At Bank of America, Upadhyay's team will work alongside digital asset engineering teams at other banks on the broader blockchain infrastructure. Reuters reported yesterday that the bank is partnering with Goldman Sachs and Deutsche Bank to launch a stablecoin pegged to the US dollar by H1 2027.

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