Visa, a global leader in payments, is looking to expand its team of cryptocurrency backend engineers, especially those experienced with public blockchains and stablecoins.
Visa’s ambitious vision for its crypto products
On April 24, a company representative tweeted that Visa was looking for a software engineer to work with blockchain smart contracts using AI technology.
Head of Crypto at Visa, Cuy Sheffield, wrote that the company is: “Particularly interested in software engineers with experience using Github Copilot and other AI-assisted engineering tools to write and debug smart contracts.”
In a different section of the job description, it is stated that Visa is searching for engineers that are “passionate about the Web3 stack of technologies.”
Testing frameworks like Truffle, Mocha, and Hardhat are examples of what is anticipated. Candidates that are well-versed in Layer-1 and Layer-2 solutions as well as in building smart contracts utilizing Ethereum’s programming language, Solidity, are preferred by Visa.
Additionally, they must be conversant with security protocols, public and private distributed ledger technologies, and the new ERC-4337 Ethereum account standard.
The two most well-known instances of public blockchains are Ethereum and Bitcoin, which don’t require prior authorization to participate as validators. In contrast, permissioned blockchains have verified operators in charge of the majority of network operations.
In February, Visa denied rumors that it will stop accepting cryptocurrency payments in response to the failure of prominent enterprises within the ecosystem. On Twitter, Sheffield stated that the business continues to collaborate with cryptocurrency businesses to offer fiat on- and off-ramps and that its opinion of the potential of cryptocurrencies had not altered.
Late in 2021, the company established an advice division to aid customers looking into cryptocurrency prospects. Months prior, Mastercard, a direct competitor, had signaled plans to integrate cryptocurrency into its payment system, starting with stablecoins.
Similar to its current currency conversion services, Visa has lately explored the conversion of digital assets into fiat payments.
Sheffield stated that Visa has been testing settling payments in the stablecoin USDC on Ethereum at the Tel Aviv StarkWare Sessions 2023 event.
Visa is considering new blockchain innovation potential
Visa has been investigating potential blockchain innovation prospects as traditional financial institutions disappear. The company has been involved in several Web 3.0 projects to expand its venture into the blockchain and cryptocurrency industries.
In the NFT and stablecoin industries, the corporation has made particular investments that might dramatically disrupt the existing banking sector.
To hasten the use of CBDCs, Visa is also working with central banks. Using the Visa payment network to expand CBDC projects may be more cost-effective for governments than building new infrastructure from scratch.
Visa’s CBDC payments module, in particular, aims to make it simple for CBDC networks to connect to established financial service providers by providing easy access to current payment networks.
Customers can get CBDC-linked payment cards or wallet credentials from banks and issuer processors by using the module and connecting their current infrastructure.