Blockchain and Crypto startups can now leverage the Mastercard’s Start Path program to connect with its ecosystem of banks, merchants, partners and digital players across the globe to address various industry challenges.
Digital assets such as Bitcoin, Ethereum, VeChain, Cardano, and Tezos have now gone beyond the hype. Investors are accumulating these assets in abundance, however, there is also a growing concern on security and ease-of-use. Leading player in the payment space Mastercard is now working on these issues to ensure mainstream adoption of digital assets in the near future.
Latest Trends in Digital Assets Market
Blockchain, Bitcoin, and crypto currencies have emerged as one of the most leading point of dicussion for governments, think-tanks, and the general public. Cryptocurrency or digital asset related devlopments are making new headlines everyday or btter say cryptocurrencies are leading newsmakers now. Additionaly the increasing interest in cryptocurrency from individuals and enterprises, leading banks and financial institutions across the globe have forayed into this nascent space. In latest trend, central banks from macross the globe are now exploring a digital version of fiat money – what popularly known as CBDC.
In short, the digital asset space is hot and booming. However, there is a considerable amount of concern in the minds of general population in terms of security and ease of use of cryptocurrencies. And, this could be a major hindrance in the widespread adoption of the future of commerce.
Mastercard Opens Start Path Program For Crypto And Blockchain Startups
Launched in 2013, Mastercard Start Path is a global effort to support innovative early stage companies developing the next generation of commerce solutions.
Mastercard has now launched a new Start Path global startup engagement program dedicated to supporting blockchain, digital assets, and cryptocurrency firms. To start with, seven blockchain and crypto startups have joined the program, including Mintable (an NFT marketplace), GK8 (a crypto custody platform), Domain Money (a digital asset investment platform), SupraOracles (a blockchain oracle), STACS (a blockchain infrastructure for the financial industry), Taurus (a digital asset management infrastructure provider), and Uphold (a digital asset exchange).
These extraordinary blockchain startups will work with Mastercard “to expand and accelerate innovation around digital asset technology and make it safer and easier for people and institutions to buy, spend and hold cryptocurrencies and digital assets” – making it mainstream.
“With the expansion of Start Path to include fast-growing crypto, blockchain and digital assets startups, Mastercard is providing access to its latest tools and solutions to help these companies scale their innovations and cutting-edge technologies,” Mastercard said.
These startups will use the platform to connect with Mastercard’s ecosystem of banks, merchants, partners and digital players across the globe to deliver new solutions.
Why does it matter?
Despite huge progress in online commerce and payment, cash is still the only choice of majority of population on the planet. And, international money transfer is too costly and time consuming. Digital currencies are now being seen as a replacement to the older system of payment and store of value.
Bitcoin currently leads the space which can be easily established with the fact that El Salvador has now adopted Bitcoin as a legal tender. Being a leading player in payment space, Mastercard does not want to left behind in this huge shift of market.
“Founders of the digital asset and blockchain companies participating in the new Start Path program aim to address a host of pain points including asset tokenization, data accuracy, digital security and seamless access between the traditional and digital economy. Each startup is focused on solving a unique industry challenge and, throughout the program, will leverage Mastercard’s expertise to support the continued growth and development of their solutions,” Mastercard said.
Jess Turner, executive vice president of New Digital Infrastructure and Fintech, commented:
“Mastercard has been engaging with the digital currency ecosystem since 2015. 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.
In July, Mastercard announced that it is working on a pilot with Circle, the USDC stablecoin provider, as well as Evolve Bank & Trust and Paxos Trust, to enable banks and crypto companies to offer a card option to people willing to spend their digital assets on the Mastercard network.
During this announcement, Raj Dhamodharan, EVP, digital asset and blockchain products & partnerships, Mastercard, said:
“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier.
2021 will always be remembered as year of wider acceptance for Bitcoin, Cryptocurrencies and Digital assets. However, there are some real concerns which is holding it back such as – security, volatility, and potential to be used in illicit activities.