Popular payments and credit card company Mastercard announced Thursday that it has selected five crypto startups, including Ava Labs”, which develops cryptocurrency Avalanche (AVAX), for its new blockchain-accelerator program ‘Start Path Crypto’.
As per the announcement, the crypto version of its acclaimed ‘Start Path’ program will use blockchain technology for finding ways to solve the problems of people and businesses around the world.
Apart from Ava Labs, the payments giant has onboarded AI-powered mobile banking app Envel, peer-to-peer platform Kash, Bitcoin banking app LVL, and Boson Protocol-based crypto rewards platform NiftyKey.
Avalanche, known as one of ‘Ethereum-Killer’, has become one of the top blockchain networks in the crypto ecosystem. At press time, its token AVAX was trading at $85.12 with a total market capitalization of $20.6 billion.
Ava Labs has been selected to join Mastercard Start Path (@MAstartpath) Crypto, a startup engagement program dedicated to exploring and solving how blockchain technology can democratize use cases for people and businesses around the world.https://t.co/8iApOz86cY
— Ava Labs 🔺 (@avalabsofficial) December 9, 2021
Jess Turner, executive vice president of New Digital Infrastructure & Fintech at Mastercard said:
“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.”
Competitors Mastercard and Visa are both looking to accelerate their adoption of blockchain and crypto-related technologies. At the third-quarter financial results briefing in October, MasterCard announced that it will focus on providing more cryptocurrency services and supporting the introduction of CBDCs.