Credit card giant Mastercard has accepted seven blockchain firms under its cryptocurrency accelerator.
Mastercard, a global payments company, maintains its investment in bitcoin and blockchain businesses through its fintech accelerator, Mastercard Start Path.
Mastercard, in an effort to increase the widespread use of cryptocurrency and blockchain technology, announced on November 3 that it has accepted seven additional sector entrepreneurs into its Start Path program.
Cryptocurrency payment platform Digital Treasures Center in Singapore and stablecoin-focused firm Stable from Colombia are among the new crop of firms. Prior to this July collaboration, Mastercard and Fasset had already been working together on digital solutions to promote financial accessibility in Indonesia.
Loot Bolt, a provider of a Web3-focused social payments system, the privacy company Quadrata, the blockchain based media fintech initiative Take Back the Mic, and the brand oriented portal Uptop are all participants in Mastercard’s most recent Start Path program.
The selected firms will, per the release, focus in part on reducing the gap across Web2 and Web3 technologies. “We’re welcoming a new cohort of companies to ease access to digital assets, develop communities for artists, and empower individuals to reinvent again for future through Web3 technologies,” Mastercard stated.
Mastercard Start Path, which began in 2014, is a 6 accelerator program meant to aid entrepreneurs in broadening and commercializing their offerings. Among the over than 350 startups that Mastercard has backed thus far, several have become so successful that they are valued at $1 billion or more. These companies include Thought Machine, an online bank, Zeta, an Indian fintech startup, and Razorpay.
Start Path Crypto is Mastercard’s specialized cryptocurrency operation, introduced in 2021. The crypto accelerator is a 3-month program designed to assist firms in the seed, Series A, and Series B stages of crypto and blockchain development.
There are now 25 crypto-related firms in the Start Path Crypto program, such digital wallet Uphold, crypto storage provider GK8, and blockchain developer Ava Labs, led by CEO/founder Emin Gün Sirer.
In this context, Mastercard has now released a whole new crypto fraud prevention tool.
In related news, Mastercard has been expanding its knowledge of blockchain technology and cryptocurrency. Midway through October, Mastercard announced a new program in partnership with Paxos to enable financial institutions to provide cryptocurrency trading services to their consumers. In the past, Mastercard has worked with Coinbase exchange to make it possible for NFT holders to use Mastercard when making transactions.