- IonQ has hired the former head of applied research at JPMorgan Chase to help corporate clients of the quantum firm adopt next-generation hardware, algorithms and security, CNBC has learned.
- Marco Pistoia, who was head of JPMorgan’s internal research group from 2020 to this year, will be joining IonQ as senior vice president of industry relations.
- In his new role, Pistoia will report directly to IonQ CEO Niccolo de Masi and focus on helping corporations adopt both quantum computing and quantum-safe encryption.
According to CNBC, IonQ has recruited the former head of applied research at JPMorgan Chase to assist the quantum firm’s corporate clients in implementing next-generation security, algorithms, and hardware.
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The quantum computing company is anticipated to announce on Monday that Marco Pistoia, who led JPMorgan’s internal research group from 2020 to this year, will become a senior vice president of industry relations at IonQ.
The leadership of JPMorgan’s research group, which focused on quantum computing and other cutting-edge technologies, was recently replaced. JPMorgan is the largest bank in the United States by assets. Tech giants and tiny publicly traded startups are vying for the commercialization of quantum computing because it has the potential to make enormous advancements over regular computing.
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One of the bigger instances of pure-play quantum businesses is IonQ. The excitement in the emerging industry has caused the company’s shares, as well as those of its rivals, such as Rigetti Computing and D-Wave, to soar during the past year.
In an interview last week, Pistoia stated that he will be reporting directly to Niccolo de Masi, CEO of IonQ, in his new position and will concentrate on assisting businesses in implementing quantum computing and quantum-safe encryption.
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The encryption techniques used to protect the world’s financial data may possibly be cracked by a sufficiently powerful quantum computer.
“There is a huge risk that quantum poses against cryptography, so we need the entire world to transition to quantum-safe cryptography,” said Pistoia.
The possibility for malicious actors to “take any public key and reverse-engineer the corresponding private key,” he stated.
According to Pistoia, the time for a commercially viable quantum computer is drawing near.
“I believe that usable quantum computers are much closer now; we are talking about two to three years from now,” he stated.
Pistoia expressed his desire to carry on working on quantum initiatives with JPMorgan and other financial institutions.
JPMorgan chose not to respond to the inquiry.
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