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Mastercard to launch new crypto and blockchain program

·1 min read

American card services corporation Mastercard Inc says it wants to enable its users to make buy, spend and hold cryptocurrencies in a more convenient way.

Dubbed ‘Start Path’, this global start-up engagement program plans to work with digital assets, blockchain and cryptocurrency companies with the goal of growing digital asset technology.

According to the press release, all start-ups participating in the program will address numerous pain points such as like asset tokenisation, digital security and seamless access between the traditional and digital economies.

Seven crypto-focused start-ups have already joined the program so far, including Uphold and Domain Money – well-known building investment platforms for digital assets. Singapore-based nonfungible token (NFT) marketplace Mintable, Israel-based crypto custody platform GK8, which offers a cold vault, and Switzerland-based Taurus, which delivers enterprise-grade infrastructure for managing digital assets, are also involved.

Key role in digital assets

“As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry and provide consumer protection and security,” said Jess Turner, Mastercard’s executive vice president of new digital infrastructure and fintech.

“Mastercard has been engaging with the digital currency ecosystem since 2015.

“Part of our role is to forge the future of cryptocurrency, and we’re doing that by bridging mainstream financial principles with digital assets innovations.”

Mastercard also intends to make the exchange of digital currencies into fiat currencies more efficient, and is collaborating with Circle, Paxos Trust Company and Evolve Bank & Trust.

The company announced a new project last week that will incorporate USDC stablecoin as a means to facilitate crypto-to-fiat conversions in its payment facilities.