Mastercard has announced the launch of a blockchain and cryptocurrency startup initiative. Mastercard has launched a new startup engagement program for cryptocurrency and blockchain startups called Start Path, with the goal of enhancing creativity and promoting crypto acceptance.
Seven cryptocurrency and blockchain startups have joined the Startup Program.
Mastercard said seven cryptocurrency and blockchain businesses have joined the company's new Start Path program in a press statement on Tuesday (July 27, 2021). Over 250 firms have taken part in the startup initiative since its inception in 2014.
The new Start Path initiative, which is aimed at blockchain and cryptocurrency startups, would make trading and holding cryptocurrencies safer and easier for institutions and retailers. Meanwhile, Mintable, a Singapore-based non-fungible token (NFT) marketplace, Taurus, a Swiss fintech, digital assets firm, and GK8, an Israeli crypto custody platform, are among the seven startups taking part in the effort.
Other companies include Domain Money, a US-based investment platform, STACS, a Singapore fintech and blockchain infrastructure company, SupraOracles, a Swiss blockchain oracle platform, and Uphold, a US-based crypto startup.
Mastercard chose firms that will address and solve problems in the young industry. Data security and accuracy, asset tokenization, and a smooth transition from the old to the digital economy are just a few of the issues.
Jess Turner, Mastercard's executive vice president of New Digital Infrastructure and Fintech, commented on the recent development:
“Since 2015, MasterCard has been involved in the digital currency ecosystem. We believe that as a prominent technology company, we can play a significant role in digital assets, helping to influence the industry while also providing customer protection and security. One of our responsibilities is to shape the future of cryptocurrencies, which we achieve by connecting traditional financial concepts with digital asset innovations.”
Involvement of Mastercard in the Cryptocurrency Industry
Meanwhile, the financial services firm remains active in the cryptocurrency market. Mastercard teamed with USDC stablecoin issuer Circle to create a test partnership, as originally reported by Cryptops.org in July.
According to the article, Mastercard will use USDC to facilitate the conversion of cryptocurrencies to fiat cash. The pilot program will also examine how card issuers can use the stablecoin to quickly settle payments to Mastercard.
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