Multinational technology giant Microsoft Corporation (NASDAQ:MSFT) is laying the foundation for its web3 strategy.
What Happened: According to a job posting on the company’s website, Microsoft is looking to hire a Director of Business Development for Cryptocurrencies.
The job responsibilities include developing a vision, strategy, and roadmap for Microsoft’s web 3.0 partnership model, as well as leveraging new and existing infrastructure for the cause.
Preferred qualifications for the candidate were over one year of experience in crypto, working knowledge of tech and protocols surrounding DeFi, NFTs, DAOs, and Web 3.0.
Why It Matters: Microsoft’s focus on web3 comes on the back of last month’s $69 billion acquisition of game developer Activision Blizzard Inc (NASDAQ:ATVI) – a move that many industry watchers perceived as a “bet on the metaverse.”
“Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms,” Microsoft CEO Satya Nadella said following the announcement.
Price Action: Microsoft shares were trading 1.53% higher at 309.23 on Wednesday morning.
Meanwhile, the crypto market saw a 2.5% increase in the last day, as the overall market capitalization of the industry sits at $2.02 trillion.