As the cryptocurrency space grows larger, big-name payment companies can no longer ignore the industry. It’s recently come out that Mastercard is putting together its own ‘cryptocurrency team.’
Mastercard announced in June that it would be joining Facebook’s ‘Libra Association.’ However, now the payment processor is taking its dive into the cryptocurrency world one step further by creating an in-house cryptocurrency division.
In a recently-posted recruitment listing, Mastercard asks: “Do you have the desire to work at the cutting-edge intersection of payments and cryptocurrencies?” The team will be responsible for both monitoring related trends and developing new products for the industry. Overall, the goal is for Mastercard to be known as “more than a card company,” — it wants to be a proper technology company.
Don’t be confused though, Mastercard is not releasing its own cryptocurrency. However, they recognize that the industry is here to stay and want to assemble a team of experts to better follow it. Perhaps we can expect some major blockchain-related products for the payment company sometime in the coming years. Currently, the team-building process is still in its early stages.
According to Senior Vice President of Mastercard Seth Eisen, the payment company is looking for new avenues to create value. Blockchain and cryptocurrencies will be a major part of these activities. Moreover, the company will be running a Libra node if Facebook’s cryptocurrency is eventually approved by authorities. When launched, it would be Mastercard’s first official splash into the cryptocurrency world, but it definitely won’t be the last. It seems that the payment giant has serious long-term blockchain plans.
Do you believe that Mastercard could create a cross-border payment system to rival IBM’s World Wire or Ripple? Will Visa follow? Let us know your thoughts in the comments down below.