When cryptocurrencies were launched in 2009, the majority of the finance industry believed they were another overhyped internet bubble that would burst very soon. However, after more than a decade, cryptocurrencies are still alive, with several giant corporations entering the market.
Payments solutions behemoth VISA Inc. is set to enter the digital currency space and is looking for industry experts to spearhead this movement. The company will join the long list of major corporations that have shown interest in blockchain technology and digital tokens.
In the recent past, multinational companies like IBM, JPMorgan, HSBC, Facebook, Apple, etc., have entered the realm of blockchain and digital currency.
The California-based company is looking for an experienced person who understands how cryptocurrencies function. Visa Inc. is developing a platform to integrate its services with digital currencies.
A member of the company’s partnership team, Cuy Sheffield, recently tweeted:
“Any talented PMs interested in the intersection of crypto and retail payments? We are hiring for a new team focused on building products for fitness that support digital currencies.”
The company wants to develop a product strategy built around digital currencies. The candidate, when selected, is expected to lay down a roadmap and do relevant collaborations to help VISA achieve its goals. The candidate will also need to research the impact of cryptocurrencies on retail markets to be able to formulate integrated strategies.
VISA’s Head of Crypto will directly supervise the technical managers, and this will give them an opportunity to share their views and suggestions with the development team.
However, because it is a relatively new technology, blockchain technology has been facing a serious dearth of useful talent. Every revolutionary technology faces the issue of a lack of skilled workforce, and blockchain is no exception.
Despite a dreadful 2018, the cryptocurrency market has witnessed a consistent entry of new players. Recently, JPMorgan became the first bank in the United States to launch its own cryptocurrency. Even the social networking giant Facebook is all set to launch its own digital token called Face Coin.
In October last year, VISA CEO Al Kelly claimed that cryptocurrencies would be a feasible option for the company to venture into in the long term. Kelly further stated that digital tokens had become a commodity, more than a payment instrument.
Cryptocurrencies came into existence solely as an alternative to traditional currencies. However, raising speculation on cryptocurrencies turned them into another form of asset.
The cryptocurrency market is seeing a resurrection soon after Bitcoin broke its six-month-long losing streak in February earlier this year. Facebook has decided to launch its own stablecoin, Facecoin, which is aimed at facilitating quicker and more cost-effective cross-border transactions using the digital token.
Visa, being an international corporation, is required to accommodate the growing market demand for cryptocurrencies in money transfers. Especially in times when countries having troubled relationships with Washington are looking at the digital currency space for alternate international payment mediums, the company needs to facilitate crypto-based money transfers to be relevant in those markets.
Considering the vast reach of VISA, the crypto space will highly benefit from the company’s entry into the market. The move will facilitate payments through cryptocurrencies, more so when several new digital tokens are coming to light, which are affordable for the masses and can be used as alternate payment instruments.
One of the biggest markets for VISA, Russia, is also exploring the cryptocurrency space in a bid to reduce its dependence on the US dollar after fresh sanctions imposed on the country by the Trump administration.