Visa, the global payments giant, is doubling down on its ambitions in the world of cryptocurrencies with its latest job listing. The company is seeking an experienced software engineer who is familiar with Ethereum, the blockchain that underpins the second biggest cryptocurrency, ETH. The new hire will join Visa’s crypto team and work on building products for Web3, the next large-scale evolution of the internet built on blockchains.
Web3 promises to give users more control of their data, and Visa believes that it has been focusing on building products for this space for some time. The job listing, for a London-based engineer, asks for someone who can “understand the new Ethereum enhancements” and specifically mentions ERC-4337, a standard for releasing tokens on the blockchain.
Visa is clearly making a concerted effort to move deeper into the crypto space. Last year, the company released a paper hinting at how it could one day collaborate with the Ethereum network on automatic payments. In February, the company said that despite the challenges and uncertainty in the crypto ecosystem, it still believes that “fiat backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.”
However, Visa appeared to pull back on its crypto activity after exchange and crypto brand FTX went bust in November. The company had plans to roll out crypto debit cards to 40 new countries as part of a “long-term global partnership” with FTX but stopped when FTX failed.
Now, with this new job listing, Visa is signaling that it is once again serious about its crypto ambitions. The firm is looking for someone familiar with “security protocols” and “private key custody,” indicating that it is taking the security of its crypto products seriously.
Visa’s interest in crypto is not new. The company last year filed new trademark applications that hinted at potential plans for a crypto wallet and a metaverse product. These trademark filings suggest that Visa is exploring the possibility of creating a digital wallet that would allow users to store and spend cryptocurrencies alongside traditional currencies.
Visa’s move into the crypto space is not without risks. The company’s spokesperson told Decrypt in February that the firm is aware of the recent high-profile failures in the crypto sector, and that these failures are an important reminder that there is still a long way to go before crypto becomes a part of mainstream payments and financial services.
Despite these risks, Visa appears to be committed to exploring the potential of cryptocurrencies and the Web3 stack of technologies. The company’s job listing for an experienced software engineer is a clear indication that it is serious about building products for this space.
As Visa steps up its crypto ambitions, it is likely that other payments companies will follow suit. The potential of cryptocurrencies and Web3 is significant, and there is a growing awareness among businesses that they need to be involved in this space if they are to stay relevant in the coming years. Visa’s move is just the latest sign that the crypto revolution is here to stay.
Visa’s interest in crypto could also have implications for the wider adoption of cryptocurrencies. Visa is one of the largest payment processors in the world, and its involvement in the crypto space could help to bring cryptocurrencies to a wider audience. If Visa is successful in building products for the Web3 stack of technologies, it could pave the way for other companies to follow suit.
However, Visa’s move into the crypto space could also have regulatory implications. The regulatory environment for cryptocurrencies is still developing, and there is a risk that governments could clamp down on the use of cryptocurrencies if they perceive them as a threat to the traditional financial system. Visa will need to work closely with regulators to ensure that its products comply with all relevant regulations.
Despite these risks, Visa’s move into the crypto space is a positive development for the industry. The involvement of a major payments company like Visa is a clear signal that cryptocurrencies are here to stay, and that they have the potential to disrupt the traditional financial system.
In conclusion, Visa’s latest job listing for an experienced software engineer is a clear indication that the company is serious about its crypto ambitions. The company is looking for someone who is familiar with Ethereum and the Web3 stack of technologies, and who can help to build the next generation of products to facilitate commerce in everyone’s digital and mobile lives. Visa’s move into the crypto space could have significant implications for the wider adoption of cryptocurrencies, and it is a positive development for the industry as a whole. However, there are risks associated with this move, and Visa will need to work closely with regulators to ensure that its products comply with all relevant regulations.
