Mastercard NFT chief quits over pay, offers signs of his resignation

Satvik Sethi lost the US visa lottery and then he lost a lot more. After his employer, MastercardMA, transferred him to London from New York, he was overwhelmed by a 40% cut in pay that he received only sporadically due to problems with the company’s systems. He ended up working outside just to make ends meet.

The 2020 graduate of Binghamton University held the grand title of NFT Product Manager, and proving he knew his stuff, he turned his resignation letter into a non-fungible token that the public can create for 0.023 ether, or about $38, giving him 3,610 dollars from 95 backers.

Sethi, who would not disclose how much he was paid, described his time in London in grim terms. “At Mastercard, I was a victim of harassment and emotional distress caused by a series of mismanaged processes, miscommunications, internal inefficiencies,” he wrote in a Twitter thread. “I had to work side jobs for the past year to make ends meet, along with all the things I built and contributed to Web3.”

Sethi joined the credit card giant right out of college. His expertise and enthusiasm for decentralized computing quickly earned him the title of NFT Product Lead for Mastercard’s Blockchain & Digital Assets Products.

Although he took on a leadership role and responsibility, “I [wasn’t] actually treated like that internally, even though I am presented that way to the outside world, he says.

Sethi adds that he had been told that if he resigned there was a three-month notice period for which he would be paid, but when he announced his intention he was offered only one month’s compensation. He claims that when he tried to negotiate, he was banned from his accounts and told he could either sign the deal or lose the bonus.

“We treat each and every one of our employees with decency and respect,” a Mastercard spokesperson, who requested anonymity, said in an email. “We take these matters very seriously and are looking into the concerns raised by Mr. Sethi. We will do so while respecting his privacy.”

Sethi’s British work permit expired with his resignation and he has returned to his native India. He will now focus on Joincircle, a blockchain-based social networking site he is developing.

Follow me on Twitter or LinkedIn. check out my website. Send me a safe tip.