(Commonwealth Union)_ As part of its fintech accelerator, the Mastercard Start Path programme, global payments giant Mastercard continues to assist bitcoin and blockchain businesses.
Mastercard announced on November 3 that it has picked seven more sector start-ups for its Start Path programme to promote the adoption of crypto and blockchain technology. Among the new firms in the new cohort are Fasset, Singapore’s crypto payments platform Digital Treasures Center, and Colombian stablecoin-focused firm Stable. In July, Mastercard teamed with Fasset to create digital solutions to increase financial inclusion in Indonesia.
The current Mastercard Start Path programme also includes Loot Bolt, a Web3-focused social payments system provider, Quadrata, a privacy business, Take Back the Mic, a blockchain-based media fintech project, and Uptop, a brand-oriented platform.
According to the release, one of the chosen organisations’ key tasks would be to bridge the gap between Web2 and Web3. “Through Web3 technologies, we’re welcoming a new batch of firms to simplify access to digital assets, build communities for artists, and empower individuals to innovate for the future,” Mastercard added.
Mastercard Start Path, which debuted in 2014, is a six-month accelerator programme meant to assist businesses in extending and commercialising their products and services. To date, Mastercard has invested over 350 businesses, several of which have gone on to become unicorns, such as banking service Thought Machine, Indian fintech start-up Zeta, and Razorpay.
In 2021, Mastercard formed Start Path Crypto, a specialised crypto section of Mastercard Start Path. The crypto accelerator was founded to support seed, Series A, and Series B firms engaging in crypto and blockchain development over a three-month period.
Following this recent addition, the Start Path Crypto programme now has 25 crypto-related firms on board, including digital wallet Uphold, crypto storage firm GK8, and Emin Gün Sirer, CEO and founder of blockchain developer Ava Labs.
The latest news comes as Mastercard continues to expand its blockchain and cryptocurrency capabilities. In partnership with Paxos, Mastercard introduced a new initiative in mid-October that allows banks to offer crypto trading skills and services to its consumers. Previously, Mastercard worked with the Coinbase exchange to allow Coinbase NFT users to utilise Mastercard cards to make purchases.
