To increase the accessibility of cryptocurrencies, payments giant Mastercard has added seven businesses to its Start Path initiative. Mastercard will make cryptocurrencies more accessible.
According to Mastercard, “We’re embracing a new generation of companies to simplify access to digital assets, foster creative communities, and enable individuals to create for the future using Web3 technologies.”
Anyone using cryptocurrency should be able to do so easily and securely
Mastercard, a global leader in payments, said on Thursday that seven companies from different countries had joined its Start Path program. The announcement’s specifics are:
Through the Mastercard Start Path global startup engagement program, we work with digital asset, blockchain and cryptocurrency-based companies that share a vision to make blockchain technology and digital assets more accessible.
To make it easier to access digital assets, create communities for artists, and enable individuals to develop for the future using Web3 technologies, we’re welcome a new batch of entrepreneurs,” the payments business noted.
The startups include Digital Treasures Center in Singapore, Fasset in Abu Dhabi, Loot Bolt in the United States, Quadrata in the United States, Stable in Colombia, TBTM (Take Back the Mic) Studios in Dubai, and Uptop in the United States.
They will join the more than 350 businesses from 40 nations that have taken part in the Start Path initiative of Mastercard since 2014.
Mastercard will make cryptocurrencies more accessible.
Mastercard and Visa have both been on partnership sprees in crypto. Mastercard has already teamed up with Coinbase on NFTs and Bakkt to let banks and merchants in its network offer crypto-related services. Last week, Visa partnered with FTX to offer crypto debit cards in 40 countries and has more than 70 crypto partnerships. American Express has said it’s exploring using its cards and network with stablecoins, which are pegged to the price of a dollar or another fiat currency.
Cryptocurrencies, ironically, were meant to disrupt banks and middlemen like Mastercard and Visa. Their underlying technology, blockchain, allows transactions to move without intermediaries. Still, Lambert said they haven’t seen industry pushback on their involvement. Crypto is on the “cusp of really going mainstream,” and still needs to team up with the incumbent players to get there, he said.
NFTs [non-fungible tokens], blockchain games, and metaverse experiences may change how people connect and purchase, according to Mastercard. To realize this promise, however, we must work together and integrate fintech, banking, and cryptocurrency.
There is no single vision for the crypto economy other than anyone who uses crypto should be able to do so simply and safely. For Mastercard, it’s about offering choice in how people pay, spend and buy crypto.
In order to make cryptocurrency a common form of payment, Mastercard is concentrating on five critical areas. The business unveiled a new initiative dubbed Crypto Source last month to let financial institutions provide their clients with bitcoin trading and related services.