Mastercard Inc will be laying off 3% of its employees which is about 1000 employees as stated by a company representative. This decision is part of a wider re-organization of the company in order to cut costs and divert the focus on certain areas for development.

Most of the job losses are expected to be completed by September 30, 2024, with the view of improving strategic direction of the company.

Mastercard Plans Major Staff Overhaul

The New York-based company, which had about 33,400 employees worldwide at the end of last year, is cutting its workforce in this case as part of a wider restructuring plan. The restructuring is to reposition the business with its growth strategies to enable Mastercard Inc. to invest more on the long-term opportunities. 

As clarified by the company’s representative, the restructuring will also help to shift resources to the more profitable activities.

Nevertheless, Mastercard recently posted stronger than expected financial results for the second quarter before the planned job cuts. However, the company’s operating costs increased by 11.9% to $2.93 billion within the same period. In connection with the restructuring, Mastercard expects to record a pre-tax restructuring charge of $190 million in the third quarter.

MetaMask Launches Crypto Debit Card with Mastercard

Similarly, MetaMask, a self-custodial crypto wallet developed by ConsenSys, has joined forces with Mastercard to release a new crypto debit card. This card will seek to close the gap that is between the digital assets and the normal financial transactions.

Customers will be able to pay for goods and services by transferring funds from their cryptocurrency wallets to their Mastercard accounts.

Currently, the card is being introduced in the U.K and Europe on a trial basis with an innovative way of incorporating digital assets into the operational financial system. The partnership is in line with Mastercard’s strategy of increasing its focus on the digital assets ecosystem.

Furthermore, Binance has reinstated the possibility of buying cryptocurrencies with Mastercard after banning it for 10 months. This follows the review of internal controls and structure of the exchange by Mastercard which had earlier suspended its relations with Binance over regulatory concerns in the U. S.

Immersve to Bring Self-Custodial On-Chain Mastercard

Subsequently, Immersve, an issuing-as-a-service platform, is collaborating with Mastercard to introduce a self-custodial on-chain card. This new product will allow users of self-custody wallets to make transactions while maintaining control of their funds until the moment of purchase.

🚀We’re excited to be working closely with @immersve to bring a self-custodial on-chain @Mastercard experience to life! 💳

🔗Read more about the self-custodial Mastercard solution on-chain: https://t.co/QzqcweDKMU

Stay tuned for more updates! 📢#Web3 #Blockchain #Innovation… https://t.co/E9AyOMAJz3

— Xaman (formerly Xumm) Wallet 🪝 (@XummWallet) August 15, 2024

The card aims to offer a more secure and user-friendly experience by combining the advantages of decentralized finance with the extensive reach of Mastercard’s global payment network.

The introduction of this on-chain card is part of Mastercard’s ongoing efforts to innovate in the digital finance sector, providing users with more flexibility and security in managing their assets.

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Kelvin Munene Murithi

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.