With Facebook’s plans for Libra stuck in regulatory limbo, supposed partner, Mastercard may be eyeing an entrance into the cryptocurrency industry by launching a wallet service.
While there is yet an official announcement by Mastercard that they’re launching a crypto wallet, listings on their job boards suggest the likelihood.
The three blockchain-related job listings posted by the payment company in the last four days are for the recruitment of two directors to handle product development & innovation for Blockchain solutions architect, and product management for cryptocurrency and wallets. There is also a job opening for one vice president with expertise in the product management of blockchain.
However, what most catches the eye is that employees who would join Mastercard are expected to have experience in managing cryptocurrency wallet products.
They would also have the desire to work at the cutting-edge intersection of payments and cryptocurrencies while also working with a “cross-functional team comprising of Franchise, Compliance, Regulation, Products, Labs, Regions and Technology to develop new products and solutions.”
Further, aside from the three executive-role listings which are for Mastercard’s office in San Francisco, the company is also hiring blockchain engineers and analysts. Last year, Finextra reported that the firm listed an opening for 175 enginers in Ireland with some of them having blockchain expertise.
What is Mastercard Building?
At this point, it is unclear what “crypto wallet” or “blockchain solution” Mastercard is developing with the only clue being the company’s affiliation with Facebook to launch the Libra currency.
Mastercard according to the Libra whitepaper can build crypto wallet solutions on the Libra blockchain, in the same way, that any of the other 26 partners can. However, Libra is still pending regulatory approval as mentioned earlier and Facebook assured U.S regulators that the project wouldn’t launch until the issues are sorted.
That said, it could be that Mastercard is working on a separate cryptocurrency wallet that will either work alongside their global payment system or allow their users to store and spend cryptocurrencies.
Time will now tell how the Mastercard project on our hands and whether we have another Libra in the works or a new crypto wallet that would have millions of users straight our the door.