US-based card payments giant Mastercard is moving forward with selecting and onboarding promising blockchain startups to join its Web3-focused Smart Path program. In a new development, the company has included five new startups that will be part of this initiative. In the coming months, Mastercard will work with these emerging companies to explore how blockchain can be used to produce scalable payment solutions that have a greater impact on the global digital commerce sector.
French startup Kulipa joined the UK’s Parfin and Singapore’s Peak to be hand-selected by Mastercard for the Start Path programme. While Kulipa enables digital wallet-friendly crypto payment cards, Parfin helps businesses adopt blockchain rails, and Peaq provides a borderless digital infrastructure for real-world applications using vehicles, machines, robots and devices.
The other two newly added initiatives are Belgium-based Venly, which simplifies blockchain integration for businesses, and US-based Triangle, which triangulates climate data with blockchain finance, according to Mastercard’s official statement.
Delighted to announce that Venly has been selected to participate @MasterCardGlobal Startup Road to 2024 Blockchain and Digital Asset Program! :then:
Being recognized as a leader in blockchain innovation is an honor. We look forward to helping shape the future of commerce through… pic.twitter.com/bp9Z1Nps8x
— Venly (@Venly_io) May 15, 2024
Commenting on the development, Mastercard said: “Every currency format – from regulated money to bank deposits, to stablecoins and CBDCs – serves a purpose, and Mastercard is engaging with industry experts and fintechs to explore different use cases that can help solving real world problems.”
According to Mastercard, digital assets are gaining popularity because they can speed up commerce and add another layer of transparency to tracking transactions. In the coming times, digital assets will see mass adoption, the company predicts.
The company, which is reportedly valued at around $427.98 billion in May 2024, first launched its Start Path initiative back in 2014. Over the past decade, the initiative has worked with more than 400 startups from more than 54 countries.
“As part of its collaborative approach to innovation, Mastercard is exploring future use cases for scaling new solutions with startups around the world. Blockchain, digital asset and high-potential Web3 startups get the opportunity to collaborate, tailored training and access to Mastercard’s customers and channels through a virtual four-month program,” the payments giant said in a statement.
Mastercard has been at the forefront of Web3 experimentation for several years. Just this April, for example, Mastercard partnered with 1Inch to offer crypto debit cards. The company also previously launched a CBDC partnership program to open a dialogue on digital currencies.
