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MasterCard Working On Developing Own Cryptocurrency Wallet

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Mastercard Stock Price Analysis
Mastercard Stock Price Analysis

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Job openings posted on MasterCard’s website reveal that the company is looking into entering the crypto wallet space. The company is looking to fill three senior-level positions in its blockchain project.

MasterCard is developing a Bitcoin wallets according to the company’s job board. The company advertised openings for the position of Vice President in the product management of blockchain and two directors, one for product development and innovation-blockchain solutions architect and the other for product management-cryptocurrency/wallets. The job posting goes on to state that the new employees will work with a cross-functional team to develop new products and solutions.

According to two of the job descriptions, wallet solutions are a crucial area of the blockchain projects the individuals are being hired for. Prior experience in the management of crypto wallet products is a prerequisite for the jobs, and this suggests that the credit card company is working on developing a wallet of its own. The credit card company may be looking towards offering its clients solutions to enable them to trade cryptocurrencies.

Besides the three advertised executive roles, MasterCard is also recruiting blockchain engineers and blockchain analysts. The company has been working on its blockchain project for years, and last year, they hired 175 engineers and blockchain experts.

MasterCard and it’s intent to delve into cryptocurrency

Many tech and financial giants have shown intent to enter the crypto space through various projects and the development of digital assets. MasterCard’s hiring of crypto experts to fill executive positions in its blockchain projects shows that the credit card company has strong intentions to explore cryptocurrency.

MasterCard is one of the 27 members of Facebook’s project Libra. Facebook and its 27 partners have plans to launch a cryptocurrency which can be used worldwide for transactions and payments. Alongside the cryptocurrency, Facebook also plans to launch its digital asset wallet named Calibra, which will help users of Libra to store their crypto holdings. The other members of the project can build their applications on the Libra blockchain.

Cryptocurrencies challenge traditional financial systems

Libra has been hailed as a project that will disrupt traditional financial systems by making financial services more accessible across the world. The involvement of MasterCard in the project suggests that the credit card company wants to be a part of the design of Libra and thus, the company will be in a strong position to assimilate the cryptocurrency in its operations.

Crypto markets are seeing growth in numbers as more people buy cryptocurrencies. Digital assets give users security and ease in executing their transactions. Regulators and governments recognize the potential of cryptocurrency, and the response to Libra has reflected this. The project has been met by the imposition of stringent regulations and denouncement from the American government.

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