Mastercard on Wednesday announced the selection of five startups that will participate in the Start Path blockchain and digital assets program to promote innovation in blockchain technology and the use of digital assets.
As part of Mastercard’s new initiative, these startups will explore new ways to use money to address real-world challenges, improve user experiences and broaden the usefulness of blockchain technology.
Mastercard emphasizes global expertise in payments
Mastercard highlighted its experience in building a global payments network and highlighted its ability to connect regulated money, bank deposits, stablecoins and central bank digital currencies (CBDCs) with startups. The aim of the program is to stimulate the development of new solutions that improve user experiences of digital commerce.
Mastercard’s Start Path program will leverage the unique capabilities of blockchain technology by collaborating with industry experts and fintech startups to identify and develop use cases that address pressing societal needs.
Through the Start Path program, select startups will have access to dedicated training, mentorship and Mastercard’s network of customers and channels for four months.
“Since the program’s inception in 2014, Mastercard has supported more than 400 startups from 54 countries,” the press release said.
#MastercardProgram | We are proud to announce our participation in the @Mastercard Start Path program for Blockchain and Digital Assets startups. 🌎⛓ pic.twitter.com/oMAFWTQUUf
— Parfin (@parfin_io) May 15, 2024
Among the selected startups is Kulipa, a France-based company that facilitates the issuance of crypto payment cards for digital wallets. Another chosen participant is UK-based Parfin, which focuses on developing enterprise-grade software products to help financial institutions adopt blockchain.
Singapore-based Peaq, recognized for providing permissionless and borderless digital infrastructure for real-world applications, was among the startups chosen for the program.
Triangle, a US-based startup that prioritizes sustainability through a data platform that integrates climate data with finance, and Venly, a Belgium-based startup that simplifies blockchain integration for developers and businesses, were also selected to participate.
Excited to announce that Venly has been selected to participate in @Mastercard’s 2024 Global Start Path Blockchain and Digital Assets Program! 🎉
Being recognized as a leader in blockchain innovation is an honor. We can’t wait to shape the future of commerce through… pic.twitter.com/bp9Z1Nps8x
— Venly (@Venly_io) May 15, 2024
Commenting on the program, Kujipa founder Axel Cateland expressed optimism about unlocking mass cryptocurrency adoption and promoting broader financial inclusion through convenient global stablecoin payments.
Mastercard’s successful live test of the multi-token network
In a recent announcement, Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have completed the first live test of Mastercard’s Multi-Token Network (MTN). The proof-of-concept pilot involved tokenizing carbon credits within the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox, showcasing a new blockchain application in financial services.
In the pilot, a customer of SCBHK’s virtual bank, Mox Bank, started the process by depositing money into Mox and applying for a carbon credit.
Mox then commissioned SCBHK to tokenize the carbon credit through Libeara, a tokenization service provider developed by Standard Chartered’s venture arm, SC Ventures. The MTN tokenized the deposit and an atomic swap (a real-time exchange between different blockchains) was performed to exchange the tokens.
Mastercard launched the MTN in June 2023 using its private blockchain infrastructure. Previous trial runs of the MTN have included partnerships with the Reserve Bank of Australia using the central bank’s digital currency (CBDC) and the HKMA’s e-HKD CBDC.
Although these CBDCs are not yet live, the trials have demonstrated the potential of such technologies in modernizing financial transactions.