Mastercard has enlisted five additional blockchain startups into its Start Path program. Further details are provided below.
According to Mastercard, digital assets are gaining traction due to their ability to accelerate commerce and enhance transparency in transaction tracking.
Mastercard, a prominent card payments company based in the United States, is actively selecting and bringing onboard promising blockchain startups for its Web3-focused Smart Path program. In a recent development, the company has added five new startups to participate in this initiative. Over the upcoming months, Mastercard will collaborate with these emerging companies to explore the potential of blockchain technology in creating scalable payment solutions that have a significant impact on the global digital commerce sector.
Among the newly onboarded startups, Kulipa from France, Parfin from the United Kingdom, and Peaq from Singapore have been selected to join the Start Path program by Mastercard. Kulipa specializes in facilitating crypto payment cards compatible with digital wallets, Parfin assists enterprises in adopting blockchain infrastructure, and Peaq offers borderless digital infrastructure for real-world applications involving vehicles, machines, robots, and devices.
The other two companies recently added to the initiative are Venly from Belgium, which streamlines blockchain integration for businesses, and Triangle from the United States, which integrates climate data with financial information on blockchain, according to the official statement released by Mastercard.
In response to the recent progress, Mastercard stated, “Each currency type, including regulated money, bank deposits, stablecoins, and CBDCs, serves a distinct function, and Mastercard is collaborating with industry professionals and fintech companies to explore unique applications that can address practical challenges.”
According to Mastercard, digital assets are gaining prominence due to their ability to accelerate commerce and enhance transparency in transaction tracking. The company foresees widespread adoption of digital assets in the future.
As of May 2024, the company’s estimated value stands at approximately $427.98 billion. Mastercard initially introduced its Start Path initiative in 2014. Over the past decade, the program has engaged with over 400 startups from more than 54 countries.
“As part of its commitment to collaborative innovation, Mastercard is exploring potential future applications to scale innovative solutions with startups worldwide. High-potential blockchain, digital assets, and Web3 startups are offered opportunities for collaboration, customized training, and access to Mastercard’s customer base and distribution channels through the virtual four-month program,” the payments giant stated in its announcement.
Mastercard has been actively exploring Web3 technologies for several years. In April of this year, the company collaborated with 1Inch to introduce cryptocurrency debit cards, showcasing its commitment to innovation in the digital asset space. Moreover, Mastercard has initiated a CBDC partner program in the past, aimed at fostering discussions and collaborations related to central bank digital currencies. This proactive approach underscores Mastercard’s dedication to staying at the forefront of emerging trends in the financial technology landscape.
