Mastercard’s product lead said he was the victim of harassment and emotional distress caused by a series of mismanaged processes, miscommunication and internal inefficiency.
On Thursday, February 2, Satvik Sethi, the non-fungible token (NFT) product lead at Mastercard, resigned from his position while minting his letter of resignation from the global payments giant, in the form of NFTs.
In a series of tweets, Sethi explained his decision to leave, adding that it “wasn’t easy.” Sethi further explained that he would continue to focus and also create art full time. In his resignation letter, Sethi wrote:
“As everyone knows, I am extremely passionate about Web3 and that passion is what originally led me to my current role in 2021. I have long been fascinated by the potential of Web3 to change the world for the better, and I believe now more than ever. the time is right to fully immerse myself in this space, through my companies, my art, and my knowledge of the industry.”
Sethi coined his resignation letter as an open-edition NFT using the Manifold digital collectibles protocol. He added that 100% of the proceeds from this NFT will “go towards survival.” The project dubbed “New Beginnings” is priced at 0.023 ETH (about $38) each. So far 12 NFTs have been minted.
Stepping away from Mastercard, its former head of NFT products plans to spend more time building its own Web3 social networking and community building site, Joincircle.
Satvik Sethi blames Mastercard’s top management
In his lengthy Twitter thread, Sethi wrote that he felt completely neglected by the company. He said that by moving from New York to London due to visa issues, his salary was cut by 40% while his workload increased by 200%. Sethi added that he had to do side jobs to make ends meet.
“At Mastercard, I was the victim of harassment and emotional distress caused by a series of mismanaged processes, miscommunication, and internal inefficiency. There were months at a time when I did not receive my salary until I begged the entire hierarchy, among many other issues, ”he added.
In addition, Sethi highlighted some unethical HR practices from the company which, despite a 3-month notice period, received only one month’s pay and no bonus. When Sethi pointed out the company’s previous conversations, he was locked out of all of his accounts.
“They might try to discredit me or minimize my contributions. But the fact is, globally, our partners, clients and regional teams associate Mastercard x NFT with me. When someone in our portfolio has a question about Web3, they will be redirected to me, from the CMO to an analyst,” she added.
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Bhushan is a FinTech enthusiast and has a good knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continuously in a learning process and stays motivated by sharing the knowledge he has acquired. In his spare time, he reads thrillers and sometimes explores his culinary skills.
