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Discover Financial Plans to Enter a Crypto Realm

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  • Discover Financial is the third-largest credit card company in the United States
  • The firm seeks to develop new products and services on top of the recent crypto phenomenon
  • To assist in developing new products, the firm has recently opened up a new strategist position

Discover Financial is now looking to enter into the cryptocurrency realm by introducing new crypto products and services. Discover joins a long line of private companies wanting to cash in on the potential of non-fiat tokens with this move.

New strategist position available

The firm has recently opened up a new position titled “Product Manager (Blockchain and Digital currency)” to aid and assist in its efforts to create new products and services. With an estimated total clientele of about 57 million in the US, it is the third-largest credit card company. However, there seems to be no idea currently about how the firm will leverage its user base prowess.

As the exceedingly broad job description may suggest, the firm’s corporate management may still have much work to do before it can think about introducing new products in the market. Ostensibly, the company may not yet have a concrete road map of achieving its goal. However, recruiting an eligible person certainly seems like a step in the right direction.

Heavy competition ahead

Discover Financial is a late entrant to the virtual token race as its two major competitors Visa and MasterCard, already have given themselves a head start in the crypto realm.

Visa CEO, Alfred Kelly, stated that the firm would incorporate virtual payments in its network very soon. Their strategy is a straightforward one. The firm works with crypto exchanges and wallets worldwide to enable Visa customers to buy or cash out any crypto with traditional fiat currencies. On the other hand, MasterCard has guaranteed to roll out plans to integrate DeFi tokens directly into their networks. Moreover, the firm says they will also allow merchants to accept cryptos as payments. To cultivate a system of payments based on virtual tokens, instead of seeing them as simply as a store-of-value, MasterCard’s initiatives have the potential to upgrade existing infrastructure to enable crypto payments as well as settlements.

In any case, Discover Financials will have to think out of the box to compete in the crypto dimension.

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