Top Crypto News Today: Mastercard’s Fintech Innovation Program welcomes 7 crypto startups

Mastercard’s worldwide program receives many applications from start-ups and it has helped 350 firms accrue billions in funding. The firm announced that it is welcoming 7 crypto and blockchain startups to its flagship program ‘Mastercard Start Path’.

The program started in 2014 and has received 1500 applications for the Mastercard Start Path. Mastercard’s initiative has helped 350 startups receive a cumulative funding of $ 3.4 million. Worthy applications get to tap into Mastercard’s clientele to promote their blockchain solutions and receive mentoring on pivoting successful initiatives to drive wider reach. 

Mastercard’s 6-month-old accelerator program ‘Mastercard Start Path’ has also scaled startups that have helped them get a unicorn status in the finance sector. Indian startups Zeta and Razrorpay were one of the startups to benefit from the program. 

This year’s legion has chosen crypto and web3 firms from different parts of the world. The cohort includes Loot Bolta crypto privacy compliant system, Quadrata – a crypto privacy compliance platform, and Uptop – a firm that assists brands to leverage tech to personalize the customer’s experience. The rest of the firms are from Singapore, Abu Dhabi, Colombia, and Dubai.

Digital Treasures Center (DTC) [Singapore] offers services to merchants for including and setting payment solutions including card, cash and crypto. The firm also offers payments across fiat currencies via DTC pay.

Fasset, based in Abu Dhabi is one of the startups selected for Mastercard’s Start Path program. Fasset is a digital asset exchange leveraging Web3 for the next billion users on the internet to truly own their assets. 

Stable – a global remittance solution based in Columbia is one of the startups chosen by Mastercard for the program. The firm offers peer-to-peer payment solutions and card solutions to simplify crypto payments that include the use of stablecoins as well as fiat payments. 

An excerpt from Mastercard’s announcement on the 7 startups selected for the ‘Mastercard Start Path’.

“We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies.”

Additional Read: Mastercard files 15 metaverse and NFT-related trademarks

Mastercard’s liaison with startups and crypto 

By selecting an array of diverse crypto and blockchain startups, Mastercard is driving innovation to the best of its capabilities. With a passion for finance and technology Mastercard has been building such pilot programs to disrupt the finance sector. Another noteworthy initiative of Mastercard is the Fintech Express Program that also helped many startup businesses scale their solutions and offerings. 

 “Mastercard is continuously working with our partners to support startups in their digital transformation journeys. We are delighted to welcome Magnati as an Engage partner in our Fintech Express program as we continue to help startups scale at speed, allowing them to focus on delivering innovative products and solutions that drive the digital economy.” J.K. Khalil, Cluster General Manager, MENA East, Mastercard said.

In mid-October, Mastercard launched a program that will enable banks to extend crypto trading investment services to their customers in collaboration with Paxos. 

Additional Read: Mastercard partners with Paxos to bring Crypto Trading to Banks

In the past, the finance giant also collaborated with Coinbase – a crypto exchange to allow its users to buy NFTs on Coinbase with a Mastercard. 

Source: Decrypt, Cointelegraph

Additional Read: Binance Joins Hands with Mastercard for Bitcoin Rewards Card