Singapore Crypto Startups Join Mastercard Engagement Program
In this article (5)
Two Singapore startups will help the payment giant accelerate innovation around digital asset technology. Singapore-based Mintable, a non-fungible token (NFT) marketplace; and Stacs, which provides a blockchain infrastructure for the financial industry to unlock value and enable effective sustainable financing, are among of a new cohort of seven startups at Mastercard’s «Start Path» global startup engagement program.
The program supports fast-growing digital assets, blockchain, and cryptocurrency companies by providing access to strategic partnership opportunities, insights, and tools to grow. Companies participating in the new program aim to address pain points including asset tokenization, data accuracy, digital security, and seamless access between the traditional and digital economy.
The announcement comes amid increased enthusiasm for a broader range of payment technologies in the Asia Pacific region as a result of the pandemic, and growing awareness of cryptocurrencies among the general public. Mastercard also said consumers are increasingly showing interest in being able to spend crypto assets for everyday purchases.
We believe we can play a key role in digital assets, helping to shape the industry and provide consumer protection and security. Part of our role is to forge the future of cryptocurrency, and we’re doing that by bridging mainstream financial principles with digital assets innovations, Jess Turner, Executive Vice President of New Digital Infrastructure and Fintech, Mastercard, commented.
Mastercard announced last week that it was looking to simplify for its partners the conversion from cryptocurrency to traditional fiat currency, and would be leveraging partnerships to help crypto companies offer card programs.
Earlier this month, rival Visa reported that consumers spent more than $1 billion worth of cryptocurrency on goods and services through Visa’s crypto-linked cards in the first half of 2021.
Questions & Answers
Q.What is the purpose of Mastercard's 'Start Path' program?
What is the purpose of Mastercard's 'Start Path' program?
The program supports fast-growing digital assets, blockchain, and cryptocurrency companies. It provides access to strategic partnership opportunities, insights, and tools to help them grow and address various pain points.
Q.Which specific issues do companies in the new program aim to tackle?
Which specific issues do companies in the new program aim to tackle?
These companies aim to address challenges such as asset tokenization, ensuring data accuracy, improving digital security, and creating smooth access between the traditional and digital economies.
Q.What recent actions has Mastercard taken concerning cryptocurrency and fiat currency conversion?
What recent actions has Mastercard taken concerning cryptocurrency and fiat currency conversion?
Mastercard recently announced plans to simplify the conversion from cryptocurrency to traditional fiat currency for its partners. It also intends to use partnerships to help crypto companies offer card programs.
Q.What evidence is there of growing consumer interest in spending crypto assets?
What evidence is there of growing consumer interest in spending crypto assets?
Mastercard stated that consumers are increasingly showing interest in using crypto assets for everyday purchases. Rival Visa also reported that consumers spent over $1 billion worth of cryptocurrency via its crypto-linked cards in the first half of 2021.
Reader pulse
Is Mastercard's crypto strategy timely?
16,807 votes so far