Mastercard Start Path is a new program for fintech firms that aim to develop and accelerate innovation in digital asset technology.
Mastercard, the international payments giant, has welcomed a slew of notable cryptocurrency companies into its fintech accelerator.
Mastercard Start Path, an accelerator program for fintech firms, introduced a new startup engagement program on Tuesday, aimed at supporting companies working with digital assets, cryptocurrency, and blockchain technology.
Uphold, a digital wallet and trading platform, GK8, a crypto storage firm, Domain Money, a blockchain oracle startup, SupraOracles, blockchain infrastructure provider STACS, digital asset firm Taurus, and Mintable, a marketplace for issuing and trading nonfungible tokens, are among the seven new startups to join the program (NFT).
Mastercard’s aim to develop and accelerate innovation in digital asset technology, as well as provide better security for cryptocurrency investors, is reflected in the new features, according to the business.
Each crypto business will solve a specific difficulty as part of the program, with the help of Mastercard’s experience to help them grow and improve their ideas.
According to the company, the newly accepted startups will use the initiative to connect Mastercard’s ecosystem of banks, merchants, partners, and digital actors throughout the world to deliver innovative solutions.
Mastercard has been involved with the digital currency ecosystem since 2015, according to Jess Turner, executive vice president of dew digital infrastructure and fintech.
“We believe we can play a significant role in digital assets, assisting in the shaping of the industry while also providing consumer protection and security.
“One of our responsibilities is to shape the future of cryptocurrencies, which we achieve by combining mainstream financial principles with digital asset innovations,” she explained.
Mastercard Start Path, which began in 2014, is a six-month accelerator program that helps businesses scale up and commercialize their ideas and services.
Since its inception, the program has attracted more than 250 entrepreneurs, according to the statement. Moeda Seeds was one of six fintech and digital asset-related firms invited to Mastercard Start Path earlier this year.
Mastercard recently announced intentions to revamp its crypto card program, allowing traditional banks to issue crypto-enabled cards over Mastercard’s existing payment network.
MasterCard is following in the footsteps of its primary competition, Visa, by boosting its drive into the digital asset business.
Visa announced in early July that it would continue to assist the cryptocurrency industry as part of its business, stating that its crypto-enabled cards handled over $1 billion in total expenditure in the first half of 2021.