Mastercard launches ‘next generation’ of blockchain payments startup program

Mastercard, the fintech giant, announced on May 15 that five new startups have joined its Start Path Blockchain and Digital Assets program. This accelerator program is dedicate to exploring future use cases and scaling innovative solutions with startups from around the globe. The new members of the program include Kulipa, which is a crypto payment and card issuing company Parfin which is a blockchain software firm; Peaq, a decentralized physical infrastructure network company; Triangle, a data platform; and Venly, a blockchain developer. According to a press release from Mastercard, this phase of the program will focus on trialing use cases and solutions for specific challenges, utilizing technologies ranging from blockchain to Web3.

“Each currency format – from regulated money to bank deposits, to stablecoins and CBDCs – serves a specific purpose, and Mastercard is connecting with industry experts and fintechs to explore differentiated use cases that can help to solve real-world problems.”

Mastercard’s Commitment to Blockchain Innovation and Fintech Leadership

Mastercard only evaluates “high-potential blockchain, digital assets, and Web3 startups” for the program, according to a news release from the company. During a four-month program, those chosen companies “receive the opportunity for collaboration, bespoke training, and access to Mastercard’s customers and channels.” Consequently,

Since its 2014 beginning, Start Path has assisted over 400 enterprises across 54 nations. Consequently, through these kinds of initiatives, Mastercard has gradually become a leader in the fintech and blockchain payments space.

Mastercard Lab collaborated with Israeli fintech company Kima to create a “DeFi credit card,” as Cointelegraph revealed on May 14. The main idea appears to be combining decentralized finance protocols with the application process for a line of credit; however, this connection is not made clear.

To test distributed ledger technology for tokenization-based banking settlements, Mastercard, Citigroup, Visa, and JP Morgan announced on May 8 that they were allying. A debit card with cryptocurrency-to-fiat bridge capabilities announced by Mastercard and 1inch in April. This feature enables cryptocurrency users to make cash withdrawals and point-of-sale payments at establishments that accept debit cards.

Mastercard demonstrates its dedication to promoting fintech innovation by continually investing in blockchain and digital assets through its Start Path Blockchain and Digital Assets program. By providing resources and opportunities for collaboration with high-potential companies, Mastercard hopes to investigate and expand upon novel applications of Web3 and blockchain technology. Additionally, this project, along with strategic alliances and new product releases, positions Mastercard as a leader in the rapidly changing fields of blockchain payments and digital finance.