Mastercard Debuts Startup Program For Blockchain, Crypto Companies

Mastercard has rolled out a new Start Path global startup engagement program, which will work with digital assets, blockchain and cryptocurrency companies, according to a press release emailed to PYMNTS.

The goal is to grow digital asset technology and make it safer for both customers and businesses to buy, spend and hold crypto, the release stated. Startups participating in the program will address numerous pain points, like asset tokenization, digital security and seamless access between the traditional and digital economies.

Some of the new participants include Singapore-based nonfungible token (NFT) marketplace Mintable; Israel-based crypto custody platform GK8, which offers a cold vault; and Switzerland-based Taurus, which delivers enterprise-grade infrastructure for managing digital assets, according to the release.

There are others joining, too, such as U.S.-based Domain Money, which is working to build a new kind of investment platform; Switzerland-based SupraOracles, which helps businesses bridge real-world data between public and private chains; Singapore-based STACS, which offers blockchain infrastructure for the financial industry; and U.S.-based crypto-native multi-asset digital money platform Uphold, the release stated.

“Mastercard has been engaging with the digital currency ecosystem since 2015,” said Mastercard Executive Vice President of New Digital Infrastructure and FinTech Jess Turner in the release. “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 is also easing the exchange of digital currencies into fiat currencies, PYMNTS reported. It is working with Circle, Paxos Trust Company and Evolve Bank & Trust. Circle and Paxos will enable conversions with fiat-backed stablecoins, allowing banks to equip customers with the ability to use digital currencies to pay.