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Visa is likely to tap the Polygon network to scale its Ethereum smart contract capabilities in Web 3.0 development.
Visa Inc (NYSE: V) is planning to delve deeper into the Web 3.0 industry through an ambitious crypto product. According to the company’s head of crypto Cuy Sheffield, Visa is hiring seasoned senior software engineers to help build scalable Web 3.0 products. Sheffield noted that the new hirings will help drive mainstream adoption of public blockchain networks and stablecoin payments.
“Particularly interested in experience using Github Copilot and other AI-assisted engineering tools to write and debug smart contracts,” Sheffield noted.
According to the job advertisement on Visa’s official website, the company is in search of software engineers with a good understanding of public and permissioned distributed ledger technology (DLT) networks, security protocols, and private key custody. Additionally, the company noted that it is important for the candidates to have a proper understanding of the new Ethereum enhancements including ERC-4337.
Visa is likely to tap the Polygon network to scale its Ethereum smart contract capabilities in Web 3.0 development. Furthermore, the company announced that the software engineering candidates should have a significant understanding of Layer 1 and Layer 2 solutions and experience writing smart contracts using the Solidity programming language, which is native to the Ethereum network.
We have an ambitious crypto product roadmap @Visa and just opened a few reqs for senior software engineers to help us drive mainstream adoption of public blockchain networks and stablecoin payments. https://t.co/UQRJNcOJtB
— Cuy Sheffield (@cuysheffield) April 24, 2023
The announcement was warmly welcomed by the cryptocurrency community including Circle co-founder and CEO Jeremy Allaire.
Love seeing @Visa leaning into public blockchain networks and payment stablecoins. https://t.co/XQr7XhWkmJ
— Jeremy Allaire (@jerallaire) April 24, 2023
Visa and the Crypto Market Outlook
Visa has been exploring new avenues of blockchain innovation with the demise of traditional financial institutions. The company has already partnered with several Web 3.0 projects to advance its quest in the blockchain and cryptocurrency industry. The company has made particular investments in the NFT and stablecoins market that have shown tremendous potential to disrupt the traditional banking sector.
For instance, the company announced the Visa Creator Program to help small business creators working in the music, art, and fashion industry tap and scale through the NFT market.
The giant payment company is also working with central banks to help scale the adoption of CBDCs. Furthermore, it is much easier for governments to harness Visa’s payment network to scale their CBDC projects than to build new infrastructures from scratch.
Notably, Visa’s CBDC Payments Module is designed to provide an on-ramp for CBDC to existing payment networks, so that CBDC networks can easily connect to traditional financial service providers. Banks and issuers processors, can tap into the module and integrate their existing infrastructure, and issue CBDC-linked payment cards or wallet credentials for consumers to use.
Meanwhile, Visa shares are up approximately 12 percent YTD to trade around $232.73 during the after-hours trading session. The company has a reported market capitalization of approximately $482 billion.