Mastercard’s Start Path program has selected five startups to participate in its blockchain and digital assets program. The aim of the program is to encourage innovation in blockchain technology and the utilization of digital assets. The selected startups will explore new ways to use money to solve real-world problems, improve user experiences, and expand the applications of blockchain technology.
Mastercard, with its expertise in constructing a global payments network, highlighted its ability to connect regulated money, bank deposits, stablecoins, and central bank digital currencies (CBDCs) with startups. The objective of the program is to drive the development of new solutions that enhance digital commerce user experiences.
Through the Start Path program, the chosen startups will have access to specialized training, mentorship, and Mastercard’s network of customers and channels over a period of four months. Since its establishment in 2014, Mastercard has supported over 400 startups from 54 countries.
Among the startups selected for the program is Kulipa, a French company that facilitates the issuance of crypto payment cards for digital wallets. Another participant is Parfin, a UK-based company that focuses on developing enterprise-grade software products to help financial institutions adopt blockchain technology.
Singapore’s Peaq, known for providing permissionless and borderless digital infrastructure for real-world applications, was also chosen for the program. Triangle, a US-based startup that prioritizes sustainability through a data platform integrating climate data with finance, and Venly, a Belgium-based startup simplifying blockchain integration for developers and businesses, were also selected.
Axel Cateland, the founder of Kulipa, expressed optimism about unlocking mass crypto adoption and promoting wider financial inclusion through convenient global stablecoin payments.
In another announcement, Mastercard and Standard Chartered Bank Hong Kong (SCBHK) successfully completed the first live test of Mastercard’s Multi-Token Network (MTN). The proof-of-concept pilot involved the tokenization of carbon credits within the Hong Kong Monetary Authority’s (HKMA) Fintech Supervisory Sandbox, showcasing a novel blockchain application in financial services.
During the pilot, a client of SCBHK’s virtual bank, Mox Bank, deposited funds into Mox and requested a carbon credit. SCBHK then tokenized the carbon credit through Libeara, a tokenization service provider developed by Standard Chartered’s venture arm, SC Ventures. The MTN tokenized the deposit, and an atomic swap was executed to exchange the tokens in real-time.
Mastercard launched the MTN in June 2023 using its private blockchain infrastructure. Previous trials of the MTN included collaborations with the Reserve Bank of Australia using wrapped central bank digital currency (CBDC) and the HKMA’s e-HKD CBDC, demonstrating the potential of these technologies in modernizing financial transactions.
