Mastercard, as a leader in global payments, is still supporting blockchain and cryptocurrency firms. It’s doing this through the Mastercard Start initiative.
This Project Serves as Mastercard’s Financial Technology Accelerator
For its Start Path program, Mastercard has chosen seven different sector-specific companies. This information came from a statement the organization released on November 3.The decision was an effort to promote the usage of blockchain and cryptocurrencies.
Additionally included in the most recent round of firms are Fasset, Stable, and Digital Treasures Center. Fasset is a supplier of cryptocurrency gateway services, while Digital Treasures Center is a platform for accepting cryptocurrency payments.
The Colombian company Stable specializes in stablecoins. Before now, Mastercard and Fasset partnered back in July. The alliance aimed to work together on creating digital solutions. These were particular solutions for improving Indonesians’ access to formal financial services.
Plus, the most current edition of Mastercard’s Start Path initiative includes participation from several other companies. Uptop, a platform focused on advertising, and Take Back the Mic, a blockchain-based media finance effort, are two instances. Additionally included are the providers of social payment systems for Web3 called Loot Bolt and the privacy company Quadrata.
The nominated firms will try to close the Web2-Web3 gap to gain the contract. The announcement included these details. In a statement, Mastercard said it is pleasing to see a new group of companies emerge to make it easier for people to access digital assets.
Mastercard also compliments firms’ efforts to build communities for creators and enable individuals to create for the future via Web3 technologies. In 2014, the accelerator program Mastercard Start Path was unveiled. The course will last for a total of six months.
Its goal is to help startup companies develop and market their products and services. More than 350 startup companies have received financial support from Mastercard during its existence. These companies are sometimes called “unicorns” since many have achieved such success. These companies include the internet banking service Thought Machine, the Indian fintech startup Zeta, and Razorpay.
The Start Path Crypto Imitative
The section dedicated to cryptocurrencies was called Start Path Crypto. In 2021, Mastercard launched this division as a part of its Start Path venture. The seed, Series A, and Series B companies were the target audience for the cryptocurrency accelerator. Through a three-month support program, these companies develop blockchain technology and cryptocurrencies.
Twenty-five firms focusing on cryptocurrencies have joined the Start Path Crypto program. These firms include the cryptocurrency storage company GK8, Ava Labs, and the digital wallet Uphold. With the most recent addition, there are now 25 participants in the program as a whole.
The most recent development occurs as Mastercard continues to research cryptocurrencies and blockchain technologies. In the middle of October, Mastercard unveiled a new program. Financial institutions may now provide trading possibilities to their customer’s thanks to this latest effort. The project also offers cryptocurrency-related services.
The Coinbase exchange and Mastercard have previously collaborated. The partnership aimed to enable Mastercard card transactions for Coinbase NFT platform customers.