Global payment giant Mastercard has introduced a new Start Path startup engagement program for cryptocurrency and blockchain companies, with the aim of improving innovation and increasing crypto adoption.
Seven Crypto and Blockchain Companies Join Startup Program
In a press release on Tuesday (July 27, 2021) Mastercard revealed that seven cryptocurrency and blockchain startups have joined the company’s new Start Path program. Since the beginning of the startup initiative in 2014, over 250 startups have participated.
The new Start Path program targeting blockchain and cryptocurrency companies would make it safer and easier for institutions and retailers to trade and hold cryptocurrencies. Meanwhile, the seven startups participating in the initiative are Singapore-based non-fungible token (NFT) marketplace Mintable, Switzerland-based fintech, digital assets firm Taurus, and Israeli crypto custody platform GK8.
Other companies include American investment platform Domain Money, Singapore fintech and blockchain infrastructure company STACS, Swiss blockchain oracle platform SupraOracles and U.S.-based crypto business Uphold.
The startups selected by Mastercard would address and solve issues plaguing the nascent industry. Some of the problems include data security and accuracy, asset tokenization, and a smooth transition from the traditional sector to the digital economy.
Commenting on the latest development, Mastercard’s executive vice president of New Digital Infrastructure and Fintech, Jess Turner, said:
“Mastercard has been engaging with the digital currency ecosystem since 2015. As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry, and provide consumer protections and security. Part of our role is to forge the future of cryptocurrency, and we’re doing that by bridging mainstream financial principles with digital assets innovations.”
Mastercard’s Involvement in the Cryptocurrency Sector
Meanwhile, the financial services company continues to be involved in the cryptocurrency space. As previously reported by CryptoPotato earlier in July, Mastercard partnered with USDC stablecoin issues Circle to launch a pilot program.
According to the report, the partnership would see Mastercard utilize USDC for the seamless conversion of cryptocurrency to fiat. The pilot program would also test the use of the stablecoin by card issuers to easily settle payments to Mastercard.
Mastercard also partnered with cryptocurrency exchange Gemini to launch a crypto rewards credit card. The global payment company has also announced intentions to support crypto payments on its network later in 2021.
