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Mastercard’s Start Path Welcomes Five Startups to Develop Blockchain Use Cases

Last updated: May 16, 2024 16:06 EDT | 2 min read

• Mastercard announced the selection of five startups to participate in its Start Path blockchain and digital assets program to foster innovation in blockchain technology and digital asset utilization.
• These startups will explore new ways to use money to address real-world challenges, enhance user experiences, and broaden the utility of blockchain technology.
• “Since the program was founded in 2014, Mastercard has supported more than 400 startups from 54 countries,” the press release noted.

Mastercard’s new initiative aims to connect startups with its global payments network, enhancing digital commerce and financial inclusion.

Mastercard Emphasizes Global Payments Expertise

Mastercard highlighted its experience constructing a global payments network, emphasizing its capability to connect regulated money, bank deposits, stablecoins, and central bank digital currencies (CBDCs) with startups. The program’s objective is to drive the development of new solutions that improve digital commerce user experiences.

Partnership and Innovation

Through the Start Path program, selected startups will gain access to special training, mentorship, and Mastercard’s network of customers and channels over four months. Among the selected startups are Kulipa, a French-based company that facilitates crypto payment card issuance for digital wallets, and UK-based Parfin, which focuses on developing enterprise-grade software products to assist financial institutions in adopting blockchain.

Mastercard’s Successful Live Test of 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’s (HKMA) Fintech Supervisory Sandbox, showcasing a novel blockchain application in financial services.

Conclusion

This initiative by Mastercard not only supports the growth of innovative blockchain applications but also demonstrates the potential for new technologies to transform the global payments landscape. The success of the MTN pilot and the ongoing support for startups through the Start Path program highlight Mastercard’s commitment to leading the charge in blockchain innovation and digital asset integration.

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