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Few months ago, we were witnessing the warnings from analysts that Visa and Paypal will possibly be squeezed out from the market from Bitcoin and other cryptocurrencies. Be as it may for Paypal, but VISA Inc. is building a new “Crypto Team”.
MoffettNathanson analyst Lisa Ellis recently said that though cryptocurrencies aren’t ready yet, Bitcoin or XRP could eventually disrupt major legacy payment systems like Visa, Mastercard, and Paypal.
She also stated that it is not inconceivable that one day cryptocurrencies could rival and surpass major private companies that the general populace currently use to move money globally.
This opinion is pretty much valid mainly because of the cost difference and the fact that payments with cryptocurrencies like Ripple’s XRP only take seconds to complete and cost only a tiny fraction of the amount sent. This is why even traditional financial institutions such as banks and other remittance services providers are rapidly adopting the technology.
Just for the example, the Bitcoin network conducts seven transactions each second while Ripple conducts around fifteen hundred (1500) transactions each second. The numbers are very small compared to VISA which conducts around twenty-four thousand (24,000) transactions each second.
Well, it seems that Visa doesn’t take such warnings for granted. This American multinational financial services corporation is allegedly building a new team that will likely be dedicated to the crypto ecosystem. According to its new hiring announcement for a technical product manager, VISA is building and strengthening a ‘VISA Crypto Team’ by hiring staff equipped with crypto knowledge.
“Are you passionate about the intersection of payments and cryptocurrency? Are you deeply familiar with permissionless blockchain technology and have a close network of experts in the fast moving cryptocurrency and fintech ecosystem? Are you excited about the challenge of developing new products for Visa to deliver value to fintechs looking to support cryptocurrencies? “
As a product manager on the Visa Crypto team, this person will have responsibility for executing Visa’s product strategy within the cryptocurrency ecosystem.
As such, the person with roadmap will closely work with VISA research team to serve and deliver new product to its Fintech space. Moreover, the job demands an individual to have an understanding of how cryptocurrencies could have impact payments.
This person should have great problem-solving skills and creativity to find new opportunities and anticipate how cryptocurrencies could impact payments.
Upon hiring, the person will be working at its Palo Alto office and subsequently responsible to report the affairs to the Head of Crypto within Visa’s Fintech Product group. The product manager with requisite responsibilities will also able to manage and asses the roadmap for cryptocurrency related opportunities.
What you have to know, if you are interested in this position, is that ideal candidate has to:
“Possess significant functional knowledge of the cryptocurrency ecosystem and players involved, including in-depth knowledge around permissionless blockchain technology as well as a deep understanding of existing retail payment solutions.”
Visa Already Spread Its Wings to Crypto and Blockchain Hemisphere
However, this is not new for VISA. Just a month ago they announced that they are expanding their Fintech fast-track program to the Central and Eastern Europe, Africa and the Middle East.
VISA’s Fintech fast-track program will enable Fintechs to connect to VISA’s payment network within a short period of time. As such, VISA indirectly entered into crypto era by helping Ripple’s partner such as InstaRem.
InstaReM, a Singapore Fintech startup and RippleNet member, has joined Visa’s fintech fast-track program in the Asia Pacific Region, allowing quicker and easier deployment of the company’s commerce solutions on Visa’s payments network.
The two companies announced that their intention is:
“To build new solutions for moving money to and from different countries in fast, convenient ways that provide users with seamless digital payments and money transfer experiences.”
Also last week, Visa said it has received acceptances of its offer to buy cross-border payments platform Earthport PLC representing 267.7 million shares, equal to a 41.02% stake. Bear in mind, Earthport was also a Ripple-partnered British Fintech with acquisition deal amount of 198 million pounds. Given that, VISA already spinned the web over crypto and blockchain ecosystem.