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One of the world largest credit card companies, MasterCard, is looking to venture into the crypto world. A job ad on its website confirms that the global payment gateway may try its luck with cryptocurrency after all.
The recent debate about where virtual coins fit in and how much disruption they may cause to the traditional financial world has attracted big ventures to the space. Besides Facebook, one of the largest social media platforms and tech companies worldwide, other big institutional players have also come up with their own crypto coins or crypto-related innovations to leverage the untold potential locked in crypto and blockchain technology.
And it seems like MasterCard does not want to be left out of the fun, and mainly out of the realm of profitability. The credit card giant posted a job ad some days back that it is in search of competent directors and a vice president to manage its blockchain division.
According to the ad, MasterCard is looking to jump into the crypto waters, focusing primarily on digital payment and wallet solutions. Among the vacancies advertised include the roles of blockchain engineers & analysts, two directors to man product development & innovation and product management, and a vice president to oversee the product management of the blockchain division.
This isn’t the first time MasterCard is making the headlines with its crypto-related innovations. Back in 2017, the company announced its interest in the crypto market but have since left the public without more info. Again in 2017, the company made the headlines when it hired about 175 engineers, including those for the blockchain division. I guess this recent opening shows that, indeed, some work is going on behind the scene.
The Nexo MasterCard Crypto Card
In a related news, Nexo management, a firm popularly known for its “instant crypto credit line” has decided to join forces with MasterCard to develop a crypto credit card, which is lauded as one of the firsts of its kind (Coinbase and Visa did the same not so long ago).
With the Nexo MasterCard, users will be able to spend their crypto coins without actually spending them. They will be allowed to make purchases “on loans” that are payable in the future.
“When using the Nexo Card to purchase goods and services, you actually pay using your Nexo flexible open-ended revolving credit line that is backed with your crypto holdings and thus not selling any of them, which is giving you the freedom to spend today and sell your holdings whenever you want in the future to pay back the loan.”
Of course, this will attract some sorts of interest and Nexo has capped it in the range of 8 to 24% APR, depending on the loan structure.
In cases where the cryptocurrency holdings crash before the date in which users decide to pay, “deposit more crypto, pay a part of their loan to reduce exposure, or sell a portion of their collateral to restore the loan-to-value ratio.”
We look forward to hearing more about the project soon.