Big payment companies face revolutionary pressures from the development of digital money.
Mastercard
MA, +0.91%
, which is partnered with Facebook
FB, +0.61%
on its Libra cryptocurrency announced in June, is now putting together its own cryptocurrency team.
“Do you have the desire to work at the cutting-edge intersection of payments and cryptocurrencies?” Mastercard asks in a recruitment listing. Those hired will “monitor cryptocurrency ecosystem trends” and “develop new products and solutions.”
Mastercard is doing this because “it wants to be known as more than a card company; it wants to be a technology company,” said Ted Rossman, an analyst with CreditCards.com.
Another card expert called it “a smart move.”
Bill Hardekopf, chief executive of LowCards.com, said Mastercard “sees there’s a lot of activity in this area. Even if it isn’t going to offer its own cryptocurrency, they know it’s important to have people who understand the subject.”
Many other big companies are partnered in Facebook’s Libra, too. Among them are PayPal
PYPL, +1.15%
, Uber
UBER, +6.05%
, Coinbase, Lyft
LYFT, -0.62%
, Vodafone
VOD, +1.75%
, eBay
EBAY, +1.47%
and Spotify
SPOT, +1.63%
. Mastercard rival Visa
V, +1.11%
is also involved.
Libra intends to create “a globally, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology.”
A Mastercard official said the company seeks new ways to create value. “Looking at blockchains and cryptocurrencies is part of these activities,” said Senior Vice President Seth Eisen.
A Visa spokeswoman declined to comment.
Source : MTV
