Mastercard adds 7 blockchain startups to its crypto accelerator

Mastercard adds 7 blockchain startups to its crypto accelerator

Global payments giant Mastercard continues to support cryptocurrency and blockchain startups as part of its fintech accelerator, the Mastercard Start Path program.

Mastercard has selected seven more industry startups for its Start Path program to advance the use of crypto and blockchain technology, the firm announced on November 3.

The new startup group includes crypto gateway provider Fasset, Singapore’s crypto payment platform Digital Treasures Center and Colombian stablecoin-focused firm Stable. Mastercard previously partnered with Fasset in July to work together on digital solutions to drive financial inclusion in Indonesia.

The latest Mastercard Start Path program also includes Web3-focused social payment systems provider Loot Bolt, Quadrata Privacy Startup, blockchain-based media fintech project Take Back the Mic and brand-oriented platform Uptop.

According to the announcement, the selected companies will engage in bridging the gap between Web3 and Web3 as one of their main goals. “We welcome a new crop of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies,” added Mastercard.

Launched in 2014, the Mastercard Start Path is a six-month accelerator program designed to help startups scale and commercialize their products and services. Mastercard has backed more than 350 startups so far, with many of them achieving unicorn status, including firms such as banking provider Thought Machine, Indian fintech startup Zeta and Razorpay.

In 2021, Mastercard launched a dedicated crypto division of Mastercard Start Path, called Start Path Crypto. The crypto accelerator was established to support seed, series A and series B startups involved in crypto and blockchain development, offering a three-month support program.

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After the latest grant, the Start Path Crypto program has added a total of 25 crypto-related startups, including digital wallet Uphold, crypto storage firm GK8 and Emin Gün Sirer-backed blockchain developer Ava Labs.

Related: Mastercard launches new tool for protection against crypto fraud

The latest news comes as ​Mastercard continues to strengthen its blockchain and crypto expertise. In mid-October, Mastercard launched a new program to allow banks to offer crypto trading opportunities and services to their customers in partnership with Paxos. In the past, Mastercard has partnered with the Coinbase exchange to allow Coinbase NFT users to make purchases with Mastercard’s cards.