Key Highlights
- Mastercard adds seven different startups to its Mastercard Start Path to promote crypto growth and Web 3 technology.
- This comes on the back of the increasing versatility and adoption of cryptocurrency by different firms and startups in today’s financial space.
- The company joins many other big finance companies adopting and promoting cryptocurrency for its wide user base.
Mastercard announces its Mastercard Start Path program, which will be accepting seven new startups to support and promote cryptocurrencies and blockchain technology in general.
This company announced on November 3 that the group includes seven startups from five different nations this year. Loot Bolt, a Web3 payments startup; Quadrata, a company specializing in crypto privacy and compliance; and Uptop, which uses blockchain technology to help brands personalize their customer experiences, are all American companies.
The remaining entrants for this year come from Colombia, Dubai, Abu Dhabi, and Singapore.
Mastercard’s Start Path intends to accelerate the fusion of Web3 and future fintech systems with traditional finance by bringing together a variety of businesses from diverse crypto industries.
According to the statement, one of the key objectives of the selected organizations will be to close the gap between Web2 and Web3. Mastercard stated, “We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies.”
Since its start in 2014, Mastercard Start Path has received applications from more than 1,500 companies annually, and the program has assisted more than 350 enterprises in securing capital totalling more than $3.5 billion.
Successful candidates are welcomed into the Mastercard fintech network. They are provided with “growth-essential opportunities” to engage, get mentorship, and draw on Mastercard’s current relationships and clientele to drive fintech innovations, cryptocurrency, and blockchain.
Start Path Crypto is a specialized crypto subsidiary of Mastercard Start Path that was introduced in 2021. The cryptocurrency accelerator was created to provide a three-month support program for seed, Series A, and Series B entrepreneurs working on blockchain and cryptocurrency projects.
With the most recent inclusion, there are now 25 cryptocurrency-related firms included in the Start Path Crypto program, including the cryptocurrency storage company GK8, digital wallet Uphold, and Emin Gün Sirer, CEO of blockchain developer Ava Labs.
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Other Companies Promoting Blockchain and Web 3
By investing in startups, companies other than Mastercard are also attempting to accelerate the adoption of cryptocurrencies.
A $100 million investment in France was announced by centralized exchange (CEX) Binance back in November 2021. The “Objective Moon” initiative seeks to establish a Binance Research and Development base in France to find blockchain talent across the nation and the continent.
The recent information about Mastercard Start Path comes as Mastercard continues to develop its blockchain and cryptocurrency knowledge. In conjunction with Paxos, Mastercard introduced a new program in the middle of October that enables banks to provide their clients with cryptocurrency trading capabilities and services.
In the past, Mastercard and the Coinbase exchange worked together to enable Coinbase NFT users to use Mastercard’s cards to make purchases.
It is gathered that Mastercard is also open to collaborating with central banks in all regions in which it conducts business and is now in discussions regarding collaborations with public and private central banks to use digital currencies.
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