Tech rumours run wild as VISA moves to develop first ‘Crypto Team’

VISA Inc is reported to be developing a strategic ‘Crypto Team’ which will be managed by its ‘VISA Fintech’ operating unit out of its Palo Alto offices in California.

Crypto news sources report that a number of executive search firms have been sent job-specs by VISA, outlining that the financial services firm seeks to hire crypto-focused technical leads and project managers to join its initial ‘VISA Crypto Team’.

At present, it is unknown what working functions the VISA Crypto Team will lead, however the firm’s new unit will likely work closely with VISA’s global R&D department.

The news of VISA establishing a crypto-focused team, has sent tech rumours into overdrive, as blockchain/crypto commentators speculate whether the US financial services giant will move to launch its own cryptocurrency rivalling – Bitcoin, Ripple or Ethereum.

More importantly, with VISA developing a crypto specific team, will the governance of US multinational firm recognise and accept cryptocurrency transactions, matching traditional FIAT currencies.

In 2018, VISA announced the launch of its new Fintech ‘Fast-Track’ programme which would be supported with $100 million in capital funding.

The division established by VISA Europe CEO, Charlotte Hogg seeks to develop and fund new technologies which may enhance or surpass current VISA corporate revenue verticals.