Mastercard Plans to Develop Crypto Wallet Solutions

Suzat

August 6, 2019 8:24 pm

5116 Total Views

Cryptocurrencies have grabbed Mastercard’s attention; the company has planned to develop crypto payments and wallet solutions. The financial service provider is also looking to hire multiple blockchain professionals. The initiative seems to be directly competing with Facebook’s cryptocurrency wallet Calibra

However, Mastercard is also a founding member of Facebook’s Libra Association and supports Libra coin, which is expected to be launched in 2020 along with the Calibra wallet. There have been speculations that Facebook may not be able to meet the expected timeline. The financial service provider is following its direction to become a cryptocurrency wallet provider or maybe defining a bullish statement about its views on the progress of Facebook’s product.

Mastercard must be looking forward to making its mark within the industry and the new opening are only limited for cryptocurrency ventures. In 2017, Mastercard announced that it was allowing its users to send money over a blockchain network rather than swiping the credit card. The company had also hired 175 people for its blockchain and data sciences departments. 

The new job openings include:

  1. Director of product management for cryptocurrency and wallets
  2. Vice president of product management for blockchain and crypto and more

However, according to a few tweets from Twitter states that Mastercard’s plan would be a good thing.

In April 2018, Mastercard stated that Blockchain Technology can be used to secure identity data.

Mastercard stated:

“The use of a blockchain for the storage of identity and credential data may provide for the immutable storage of such data that can provide an accurate verification thereof and also prevent the fabrication of such data.”

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