MasterCard a payment giant has teamed up with five startups to tackle global Blockchain-related challenges, official announcement made on Thursday.
As part of MasterCard’s “Start Path Crypto” program, the payment giant has teamed up with five startups to tackle global blockchain-related challenges official announcement on Thursday. The start-up accelerator program began in 2014 to help startups scale their businesses. Now the company’s crypto arm is partnering with smart-contract builder Ava Labs, mobile banking app Envel and peer-to-peer savings platform Kash, bitcoin banking app LVL and crypto rewards platform NiftyKey.
One of Ava Labs’s most popular products is the Avalanche blockchain, which is an Ethereum-like system that allows the creation of decentralized applications (dapps) and custom blockchains. It is estimated that Avalanche’s DeFi ecosystem is worth around $12.6 billion, according to DeFi Llama, TVL is the value of all the tokens locked in a decentralized lending project’s smart contract.
“Whether it’s enhancing financial freedom or a new value-added service using stablecoins, we believe our new cohorts of Start Path crypto and digital assets companies combined with Mastercard’s expertise in the space will accelerate access to new ways to pay and prioritize choice for consumers and businesses,” Jess Turner, Mastercard’s executive vice president of new digital infrastructure and fintech, said in a statement.
As a competitor, Visa has also launched a similar accelerator program in 2019 called Fast Track, and it has been adding further partners to its list, including crypto lending platform Cred and bitcoin lightning startup LastBit.
“Mastercard is setting an example for leaders across all industries on how to embrace, rather than combat innovation,” John Wu, Ava Labs’ president.