Mastercard has selected five startups to take part in its Start Path blockchain and digital assets program, aiming to foster innovation in blockchain technology and digital asset utilization. The program will explore new ways to use money to address real-world challenges, enhance user experiences, and expand the utility of blockchain technology. Mastercard, known for its global payments expertise, will connect regulated money, bank deposits, stablecoins, and central bank digital currencies with startups to drive the development of new solutions that improve digital commerce user experiences. The selected startups will have access to special training, mentorship, and Mastercard’s network of customers and channels over the course of four months.
Among the startups selected for the Start Path program are Kulipa, a French company that facilitates crypto payment card issuance for digital wallets, and Parfin, a UK-based company focused on developing enterprise-grade software products to assist financial institutions in adopting blockchain. Singapore’s Peaq, which provides permissionless and borderless digital infrastructure for real-world applications, was also chosen to participate, along with Triangle, a U.S.-based startup focused on sustainability through a data platform integrating climate data with finance, and Venly, a Belgium-based startup simplifying blockchain integration for developers and businesses. The program aims to help these startups shape the future of commerce through blockchain and digital assets innovation.
In a recent announcement, Mastercard and Standard Chartered Bank Hong Kong completed the first live test of Mastercard’s Multi-Token Network (MTN), showcasing a novel blockchain application in financial services. The proof-of-concept pilot involved tokenizing carbon credits within the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox. A client of SCBHK’s virtual bank, Mox Bank, initiated the process by depositing funds into Mox and requesting a carbon credit, which was subsequently tokenized using 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 swap the tokens. This successful live test demonstrates the potential for blockchain technology in modernizing financial transactions.
The Start Path program aims to leverage blockchain technology’s unique capabilities by collaborating with industry experts and fintech startups to identify and develop use cases that address pressing societal needs. Through this initiative, Mastercard aims to unlock mass crypto adoption and promote wider financial inclusion through convenient global stablecoin payments. Since the program’s inception in 2014, Mastercard has supported over 400 startups from 54 countries, highlighting its commitment to fostering innovation in the fintech space. The program will provide selected startups with the opportunity to explore and develop cutting-edge solutions that can improve the overall digital commerce user experience.
Mastercard’s Multi-Token Network (MTN) was launched in June 2023 using its private blockchain infrastructure, with previous trial runs involving collaborations with the Reserve Bank of Australia and the HKMA using wrapped central bank digital currency (CBDC). These trials demonstrated the potential for technologies such as CBDCs in modernizing financial transactions. The recent live test with Standard Chartered Bank Hong Kong marks a significant milestone in showcasing the practical application of blockchain technology in financial services, highlighting the potential for tokenization and atomic swaps to streamline transactions and improve efficiency in the digital asset space. Mastercard’s continued investment in blockchain technology and digital assets demonstrates its commitment to driving innovation in the fintech industry.
