Mastercard Eyeing Development of Cryptocurrency Wallet
Mastercard appears to be building a cryptocurrency wallet. As per the companies job portal, they seek to hire the following three roles.
– Director, Product Management – Crypto Currency/ Wallets – Link
– Director, Product Development & Innovation – Blockchain Solutions Architect – Link
– VP, Product Management – Blockchain/Crypto – Link
The main responsibilities of these roles will be to focus on identifying innovative blockchain solution which has a strategic fit with its customers and Partner. Additionally, to closely monitor cryptocurrency ecosystem trends, evolving technological developments, etc.
[inlinetweet]As the job description of new roles hint and Mastercard partnership with Facebook Libra project, Mastercard may be planning to build a cryptocurrency wallet intended to process Facebook Coin transactions.[/inlinetweet]Mastercard is among one of the 27 association members of the Libra project where they will operate as a Node validator and also facilitate the transaction from the Facebook coin-to-fiat-to-user bank account (and vice-versa).
The cryptocurrency wallet will help Mastercard to tap-on this opportunity. For every Facebook coin Mastercard mines, the miner needs to back it with fiat otherwise gets burnt.
[inlinetweet]Once Mastercard’s cryptocurrency wallet is available, it will allow its customers to easily acquire Facebook coin (Fiat to FCoin or vice-versa), thereby benefiting most of running as Node operator for Facebook’s Libra project.[/inlinetweet]
This could also mean Moving out from Thinking to Deployment: MasterCard has been actively working on blockchain-based solutions since 2016 and based on recent fillings, the company seems to be building a permissioned-blockchain solution for instant payment processing.
Many corporations are gearing-up their efforts to launch blockchain solutions. [inlinetweet]The new hirings in Mastercard’s leadership team could also be the efforts to move from design thinking phase to deployment[/inlinetweet] of these solutions through prototyping, piloting, and market validation.
