Mastercard’s Startup Pathway hosts five startups to develop Blockchain use cases

Mastercard announced Wednesday that five people have been selected to join the initiative’s digital asset process to advance innovation in blockchain technology and the use of digital assets.

As part of Mastercard’s new initiative, these startups will explore new ways to use money to solve real-world problems, increase consumer awareness and expand the usefulness of blockchain technology.

Mastercard powers global payment technology

Mastercard demonstrated its experience in building a global payments network by highlighting its ability to integrate fixed income, bank deposits, coins and central bank currencies (CBDCs), and new initiatives. The aim of the program is to develop innovative solutions that improve business technology.

Mastercard’s Startup Program will use blockchain’s unique capabilities to collaborate with industry experts and fintech startups to identify and develop applications that meet the needs of the community.

Startups selected through the Startup Pathway program will have access to tailored training, mentoring, and Mastercard’s customer service and network for a period of four months.

“Since the program launched in 2014, Mastercard has supported more than 400 startups from 54 countries.”

The selected startups include Kulipa, a France-based company that facilitates crypto-to-credit card payments. Another selected participant is British company Parfin, which focuses on developing software-based products to assist financial institutions with prevention.

Singaporean Peaq, known for providing unlimited and borderless digital infrastructure for real-time applications, was among the startups selected for the program.

Triangle, an American startup that promotes sustainability through a website that combines weather and financial information, and Venly, a Belgian startup that easily connects developers and companies, were also chosen to participate. Axel Cateland, founder of
Kujipa, commented on the program and expressed his confidence in opening up the crypto system and increasing revenue through easy payments around the world.

Mastercard passes multi-token network test

In a recent announcement, Mastercard and Standard Chartered Bank Hong Kong (SCBHK) completed the first live testing of Mastercard’s Multi-Token Network (MTN). The flight certificate display showed signs of carbon credits representing a new way of blocking transactions in financial services in the Hong Kong Monetary Authority’s (HKMA) Fintech Regulatory Sandbox.

In the pilot, SCBHK’s regular banking customer, Mox Bank, started the process by depositing money into Mox and applying for carbon credits.

Mox then instructed SCBHK to issue carbon credits through Libeara, a tokenization service offered by SC Ventures, the arm of Standard Chartered. MTN introduced storage and atomic swaps (real-time exchanges taking place across different networks) were developed to exchange tokens.

Mastercard launched MTN through private infrastructure in June 2023. MTN’s initial tests include a partnership with the Reserve Bank of Australia using a decentralized central bank currency (CBDC) and the HKMA’s e-HKD CBDC.

Although these CBDCs do not exist, studies have demonstrated the potential of such technologies in reshaping financial transactions.