US-based card payments giant Mastercard is taking the lead in selecting and onboarding promising blockchain startups to participate in its Web3-focused Smart Path program. In a new development, the company has brought on board five new startups that will be part of this initiative. In the coming months, Mastercard will work with these promising companies to explore how blockchain can be used to produce scalable payment solutions that add more impact to the global digital commerce sector.
France-based startup Kulipa joins UK-based Parfin and Singapore-based Peaq in being hand-selected by Mastercard for its Start Path program. Kulipa provides digital wallet-friendly crypto payment cards, while Parfin helps enterprises adopt blockchain rails and Peaq provides borderless digital infrastructure for real-world apps leveraging vehicles, machines, robots, and devices.
The other two new additions to the initiative are Belgium-based Venly, which simplifies blockchain integration for enterprises, and Triangle, a US-based company that triangulates climate data with blockchain finance, Mastercard officially announced.
We’re excited to announce that Venly has been selected to participate in @Mastercard’s 2024 Global Start Path Blockchain and Digital Asset Program! :Pick:
We are honored to be recognized as a leader in blockchain innovation. We want to help shape the future of commerce by: pic.twitter.com/bp9Z1Nps8x
— Venly (@Venly_io) May 15, 2024
Commenting on this development, Mastercard said: “From regulated currencies to bank deposits, stablecoins and CBDCs, each currency format serves a specific purpose and Mastercard can connect with industry experts and fintech companies to help solve real-world problems. “We are looking for differentiated use cases.” -World Problems.”
According to Mastercard, digital assets are gaining prominence because they can speed up commerce and add another layer of transparency to transaction tracking. The company predicts that digital assets will see mainstream adoption in the future.
The company, valued at approximately $427.98 billion as of May 2024, first launched its Start Path initiative in 2014. Over the past 10 years, the initiative has worked with more than 400 startups in more than 54 countries.
“As part of our collaborative approach to innovation, Mastercard is exploring future use cases with startups around the world to scale new solutions. High-potential blockchain, digital asset and Web3 startups gain collaboration, customized training and access to Mastercard’s customers and channels through a virtual four-month program,” the payments giant noted in the announcement.
Mastercard has been at the forefront of Web3 experiments for several years. For example, in April of this year, Mastercard teamed up with 1Inch to offer a cryptocurrency debit card. The company also previously launched a CBDC Partner Program to open the conversation about digital currencies.
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