• Mastercard has faced controversy after the resignation of its NFT product lead, Satvik Sethi, who minted his resignation letter as an NFT.
• Sethi alleged workplace mistreatment and pay cuts during his time at Mastercard.
• He asked for support from Twitter followers by minting an NFT of his resignation letter, with all proceeds going towards survival.
Mastercard’s Controversial Foray Into NFTs
Payments tech firm Mastercard began its foray into NFTs sometime in 2021, but is now facing some controversy due to the recent resignation of its former NFT product lead, Satvik Sethi. In a coup de grâce move, Sethi minted and sold his resignation letter as an NFT. Previous reports have detailed how Mastercard has partnered with other crypto firms such as Coinbase, even going forth with the acquisition of digital asset analytics firm CipherTrace.
Allegations Of Workplace Mistreatment
Sethi railed against the payments tech giant for allegedly mistreating him and downplaying his role in the company’s ambition to enter the crypto space. He claims that he was subjected to pay cuts during a bear cycle and industry-wide decline in NFTs, which coincided with his decision to move from New York City to London. On top of this, he alleges that he was harassed by management due to mismanaged processes and internal inefficiency.
Minting An NFT Of His Resignation Letter
After resigning from Mastercard, Sethi asked his Twitter followers to support him by purchasing an NFT of his own resignation letter – minted for 0.023 ETH – with all proceeds going towards survival. However, he also shared that he will soon lose his British work visa, resulting in having to work and be based in India for the foreseeable future.
Mastercard Partnerships With Crypto Firms
Despite this controversy surrounding its former employee’s allegations of workplace mistreatment and pay cuts, it is clear that Mastercard is serious about making a mark on the crypto space through partnerships with other crypto firms such as Coinbase and CipherTrace – indicating their commitment to developing innovative blockchain solutions for businesses around the world.
The recent allegations made against Mastercard regarding workplace treatment are certainly concerning; however it appears that they are still committed to developing blockchain-based solutions via strategic partnerships within the crypto community.