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Former Visa Managing Director Joins Blockchain Payment and ID Platform

Georgi Georgiev | Aug 01, 2018 | 18:00

Visa News

Former Visa Managing Director Joins Blockchain Payment and ID Platform

Georgi Georgiev | Aug 01, 2018 | 18:00


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Nuggets, a payment and ID platform based on blockchain technology, has managed to attract former Visa Managing Director Kevin Jenkins to its board as a Non-Executive Director. 


All Aboard the Blockchain Train

An experienced veteran in regulated environments, Kevin Jenkins is the new Non-Executive Director of Nuggets — a payment and ID platform based on blockchain technology.

According to a press release, the former Managing Director of Visa is supposedly going to accelerate the progress Nuggets is making across international markets.

Speaking on the matter, the founder and CEO of the company, Alastair Johnson, said:

Kevin is a true payments pioneer, with an amazing reputation for establishing partnerships with financial Institutions, technology partners, retailers and e-commerce providers. He’ll help us build the relationships we need to roll out the product as quickly as possible. We’re thrilled that, after so long working on customer payment journeys at Visa, Kevin will be helping us bring even more fundamental and exciting change to the way people manage payments and ID.

Nuggets is a solution designated to store your personal and payment information on a distributed ledger — supposedly enhancing user protection substantially.

Widespread Visa Outage Prompts the Need for Decentralized Alternatives

This is not the first time a high-ranked Visa employee has joined a cryptocurrency startup.

In May, Marc O’Brien, former CEO of Visa UK and Ireland, joined the “cryptobank” Crypterium.

‘Current Model is Broken’

Jenkins commented on his new position by saying that, eventually, every stakeholder in the payments ecosystem will begin using nuggets — referring to it as a “genuine revolution.”

Furthermore, he reiterated the fact that the current model of companies holding personal information is “broken,” stating:

The current model of businesses holding personal information is broken. It needs fundamental change, study after study shows that customers are frustrated by the payments journey: the many steps they have to take, and the security fears.

It’s also worth noting that Visa’s system crashed in June, leaving millions of people throughout the world with no access to their funds.

What do you think of Kevin Jenkins new position at Nuggets? Don’t hesitate to let us know in the comments below! 


Images courtesy of Shutterstock, Bitcoinist archives.


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