Discover Financial Hints At Crypto Entry With Job Posting; MasterCard & Visa Ahead of the Game
Not wanting to be left behind by the crypto bandwagon, Discover Financial Services is looking to hitch a ride in the fast-growing industry, according to a recently released job vacancy post.
Discover Financial Wants In On Crypto
Discover Financial, which operates Discover Bank and is the third-largest card-issuing company in the US behind MasterCard and Visa, made it known that it is looking for a product manager for its yet-to-be-developed digital currency products.
The Blockchain Digital Currency Product Manager will see to the design of its cryptocurrency roadmap and will play a prominent role in identifying opportunities in the budding crypto industry.
The successful candidate will also see the company's top executives' education on the best-emerging technologies that will aid its crypto growth and will see to the successful launch of its digital currency products into the market.
Discover has not specified how it plans to incorporate crypto services into its ecosystem, which includes over 57 million active card users. The company's search for an early-stage blockchain strategist shows they are still charting a way into crypto.
MasterCard And Visa Are Miles Ahead
Discover’s sudden interest is not the first in the digital payments and banking services industry. Following major investments from electric car company Tesla Inc. and business intelligence company MicroStrategy, the crypto market has seen increased demand from institutional investors and big-money players.
With crypto making remarkable records daily and becoming a trillion-dollar industry in less than 5 years, many companies want exposure to the highly volatile industry.
The move, which many crypto lovers have hailed as historical, will see the US company become a major stakeholder in the crypto markets. Although it declined to list the digital assets it will be supporting on its platform, MasterCard said the latest addition would be launched within 2021.
Visa also took the initiative with Chairman and CEO Al Kelly commenting in a Q1 earnings call on Thursday that crypto payments will play a major role in its business offerings moving forward.
Its partnership with Simplex- a crypto company- will enable it to issue crypto debit cards for Visa users. It has stakes in Zap, a crypto payments startup sponsored through Visa's Fintech Fast Track program.
The financial services with a reported $72 billion revenue in 2019 had earlier seen a possible merger with Plaid foiled by the Department of Justice (DoJ) in 2020. The justice department had alleged that Visa had set out to acquire Plaid for $5.3 billion as an attempt to snuff out the competition. The antitrust lawsuit that led to the planned merger's dissolution was also filed against media giants Facebook and Google.