Mastercard's recent announcement of its blockchain and digital asset program includes the selection of five innovative startups, marking a significant stride toward incorporating blockchain technology into the financial sector.
These chosen startups will engage in collaborative efforts with Mastercard aimed at exploring and advancing blockchain applications, thereby expanding the scope of digital payments.
Mastercard Promotes Adoption of Crypto
The program demonstrates Mastercard's dedication to using blockchain technology to facilitate safe and effective transactions. The chosen businesses will be working on a variety of initiatives, including digital identity verification, asset tokenization, and decentralized financing (DeFi). In addition, Mastercard will give these businesses access to a wealth of resources, such as its worldwide network, professional coaching, and technology infrastructure.
According to the press release, Mastercard is "uniquely positioned to bridge these ecosystems with startups, power new solutions, and create efficiencies in digital commerce experiences" because of its experience in payments innovation and developing a global, card-based payments network.
Mastercard is actively collaborating with startups worldwide to advance blockchain, digital assets, and Web3 solutions.
Through its Start Path program, the payment giant provides promising startups with collaboration opportunities, tailored training, and access to its extensive customer base and channels over a virtual four-month period. Since its inception in 2014, Start Path has supported over 400 startups from 54 countries.
The latest cohort comprises five innovative companies. Kulipa, headquartered in France, specializes in next-generation crypto payment card issuance for digital wallets. Parfin, based in the UK, develops enterprise-grade software products to assist financial institutions in adopting blockchain technology. Peaq, situated in Singapore, offers permissionless, borderless digital infrastructure for real-world applications, utilizing vehicles, machines, robots, and devices.
Triangle, a US-based company, focuses on sustainability by providing a data platform that integrates climate data with finance. Lastly, Venly, headquartered in Belgium, simplifies blockchain integration for developers and businesses, thereby supporting industry growth and digital transformation.
Axel Cateland, the founder of Kulipa, expressed enthusiasm about Mastercard Start Path, stating, “Through Mastercard Start Path, we’re looking to uncover new ways to unlock crypto mass adoption and wider financial inclusion with convenient, global stablecoin payments.”
Mastercard’s initiative underscores its dedication to fostering innovation in blockchain and digital technologies, with the goal of driving growth and transformation throughout the financial sector.
May 2024, Cryptoniteuae