Visa is Pivoting to Blockchain Tech and that Signals the Token Economy is coming
There’s no doubt about it, Visa Plans to Open a Blockchain Department. JP Morgan, Facebook, Visa — the cat is out of the bag. The very folk who were making fun of crypto basically realize that the future is blockchain.
IBM’s blockchain is live and bank issued stablecoins are on their way. Square is getting further into Bitcoin and the Lightning Network, so Visa must respond.
If Ethereum has of course big words for the future of blockchain. Ethereum Co-Founder Joseph Lubin recently said Blockchain will be most of the economy in 10 to 20 years. It’s the kind of clickbait prophesy we’ve come to expect, but Visa news changes things.
VISA Hiring Cryptocurrency and Blockchain Expertise
Global payment services provider and Fortune 500 company, Visa, is showing signs that blockchain (possibly even Crypto?) will be part of the company‘s future.
According to a job posting on recruitment platform SmartRecruiters, Visa is looking for an individual passionate about payments and cryptocurrency, and is already well-connected in the cryptocurrency and fin-tech industry.
- Fidelity Digital Asset Services
- JP Morgan
There appears to be a lot of enterprise and private blockchain buzz in 2019. A recent job posting indicates the company is searching for a full-time technical product manager position familiar with blockchain for the company’s Palo Alto-based location, VISA Fintech. These are signs that mainstream businesses are starting to take blockchain a lot more serioulsy as blockchain adoption steadily increases especially in the Financial Services and banking sector.
The Era of Stablecoins is upon us
The intersection of cryptocurrencies and payments is also well and alive with a lot happening under the hood with companies such as Line, Telegram, Facebook, Square and others. That’s very promising for the evolution of cryptoeconomics and consumer convenience as well as this peculiar rise in stablecoins and STOs in the crypto realm itself.
Recently IBM has launched a Stellar-based payment network with already 6 global banks planning to create stablecoins on it. Sounds like some stablecoin potential indeed is brewing. It was first reported by Cheddar.
Last month JPMorgan Chase announced JPM Coin, which it didn’t call a “stablecoin” but effectively functions as a dollar-backed bridge currency for the corporate clients and other banks with which it transacts. Facebook is working on a WhatsApp peer-to-peer stablecoin as well.
To remain relevant Visa has to keep up. That’s the simple reality of the matter. Crypto not plastic is likely the future in some regards here. Facebook might one day actually be seen as a pioneer in how stablecoins could create a new era of crypto enthusiasm pegged to the U.S. dollar.
Mainstream Enterprise Blockchain Adoption is Optimistic
Last year, Visa CEO Al Kelly declared that cryptocurrencies do not pose a challenge to the company’s dominance in the payment sphere in the short- to medium-term. But how quickly things change, as Square, IBM and JP Morgan have gotten deeper into it. Whatever CEOs say you just have to look into patents to realize what they are actually doing.
In this light the Visa vs. Mastercard blockchain adoption is really fun to watch. For the manifestation of a token economy 2019 is actually a rather significant year even as Bitcoin price remains low. There is more going on than ever, from the evolution of Dapps to these banking partnerships and private blockchian networks and now these internal stablecoins. Justifably so, now the move to blockchain platform by companies like Mastercard and Visa are even more significant because they are among the corporations that have held skeptical views regarding Bitcoin and other altcoins. There’s a lot to be blockchain positive about.
2019 isn’t just the year of the stablecoin, STO and enterprise blockchain adoption, it’s the year when mass adoption of tokens is looking inevitable. It’s not quite the decentralized crypto world we hoped, but it’s a start.
VISA is looking for candidates who are knowledgeable and experienced when it comes to permissionless blockchain technology. Good on them I say! VISA expects applicants to have graduated from a top-tier university, have an understanding of advanced cryptography and possess deep knowledge of the cryptocurrency space and the major players involved. So what else is new? The future of payments has excellent prospects and I can’t wait to see what happens.