In an effort to “expand and accelerate innovation around digital asset technology”, Mastercard is launching a new global program to support cryptocurrency startups by giving them access to Mastercard’s business network and technology.
Fast facts
- Announced yesterday, Mastercard’s Start Path program already has signed up seven crypto-related startup companies: GK8, Mintable, Stacs, Supraoracles, Taurus, Uphold and Domain Money. These companies services include providing blockchain infrastructure, investment and payment services and services to bridge the gap between cryptocurrency and fiat for retail investors.
- Jess Turner, executive vice president of New Digital Infrastructure and Fintech at Mastercard, said in a statement: “we believe we can play a key role in digital assets, helping to shape the industry, and provide consumer protections and security. Part of our role is to forge the future of cryptocurrency, and we’re doing that by bridging mainstream financial principles with digital assets innovations.”
- This is the second crypto-related announcement for the global payment giant recently, announcing last week a pilot program in partnership with stablecoin Circle to enable cardholders to pay merchants with crypto anywhere their network is accepted.
- Meanwhile, competitor Visa revealed earlier this month that crypto-related spending on its network exceeded US$1 billion in the first half of 2021.