Mastercard launches crypto program for startups

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Mastercard has rolled out a new global startup engagement program Start Path, which will work with digital assets, blockchain and cryptocurrency companies, according to a press release emailed to PYMNTS.

The goal is to develop digital asset technology and make it safer for customers and businesses to buy, spend and hold crypto, the statement said. Startups participating in the program will tackle many issues, such as asset tokenization, digital security, and seamless access between traditional and digital economies.

New entrants include Mintable, the Singapore-based non-fungible token (NFT) marketplace; Israel-based crypto custody platform GK8, which offers a cold vault; and Taurus, based in Switzerland, which provides enterprise-grade infrastructure for digital asset management, according to the release.

Others are joining us as well, such as US-based Domain Money, which is working to create a new kind of investment platform; SupraOracles, based in Switzerland, which helps companies connect real-world data between public and private channels; STACS, based in Singapore, which offers blockchain infrastructure for the financial sector; and US-based crypto-native multi-asset digital currency platform Uphold, the release said.

Mastercard has been engaged in the digital currency ecosystem since 2015, Jess Turner, Executive Vice President of Mastercard for New Digital Infrastructure and FinTech, Jess Turner said in the statement. As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry and ensuring consumer protection and safety. Part of our role is to forge the future of cryptocurrency, and we were doing it by combining traditional financial principles with innovations in digital assets.

Mastercard also facilitates the exchange of digital currencies into fiat currencies, PYMNTS reported. He works with Circle, Paxos Trust Company and Evolve Bank & Trust. Circle and Paxos will enable conversions with stablecoins backed by trust funds, allowing banks to give customers the option of using digital currencies to pay.

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