Mastercard, which has signed a letter of intent to become a founding member of Facebook-backed Libra Association, may be creating its own crypto wallet product. The electronics payments behemoth has already posted several jobs on its job board for blockchain-related senior positions. Two of the three positions advertised require applicants to have experience in developing and managing crypto wallets. Crypto advocacy is another important role for them. The three potential team members will have to build consensus for blockchain amongst different groups in the company. They will also have to keep up with trends in cryptocurrencies and keep up with innovative solutions for emerging risk and new developments.
Why is Mastecard Developing Crypto Software?
Some have surmised that Mastercard could be gearing up to create a crypto wallet for Facebook’s Libra. The blockchain will become open source in the near future and enable developers to create custom software to r=provide various services on it.
A wallet could also drum up new business for Mastercard.
By developing new custom software for cryptocurrencies, Mastercard could service customers who have cryptocurrencies even if Libra, which has been mired in regulatory problems since its launch, doesn’t take off. Before Libra, Mastercard and Facebook worked together to help small business owners in Africa access electronic payments.
While unveiling its blockchain plans in 2017, Mastercard had said that it would develop a proprietary blockchain. Since then, the company announced that it had opened up its blockchain for testing by merchants and banks. It is also worth noting that a good number of the 175 engineers hired by the company in 2018 have expertise in blockchain technology.