Mastercard has announced five new startups on its Start Path Crypto program, which is meant to use blockchain to solve “real world problems” around the world, a press release says.
The five new startups are Ava Labs, Envel, Kash, LVL, and NiftyKey.
Ava Labs works with decentralized apps on smart contracts platform Avalanche, while Envel is an AI mobile banking app and Kash works as a peer-to-peer platform for investing and saving in decentralized tech.
Meanwhile, LVL is a Bitcoin banking app, and NiftyKey is a crypto rewards platform.
The program provides an “express lane” for companies to expand and grow, with Mastercard offering various services to “rapidly innovate, and take new solutions to market at pace. The program will reportedly allow companies to connect with global Mastercard networks and explore value-added services and blockchain development opportunities.
“The past year has seen incredible momentum in the world of crypto assets, from the explosion of NFTs to the piloting of central bank digital currencies in countries across the world,” Jess Turner, executive vice president of New Digital Infrastructure & FinTech at Mastercard, said. “As we look to what’s next, it’s all about finding new use cases and problems blockchain technology can solve for now and in the future. 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.”
Meanwhile, Ethoca, which is owned by Mastercard, has partnered with Nets, a European payment service provider, which will help merchants and banks cut down on chargebacks and consumer transaction confusion, while also better sharing details about frauds and disputes.
Read more: Mastercard’s Ethoca Teams With European PSP Nets to Lower Chargebacks
The partnership will aim to provide ways to act on fraud and disputes more easily, according to Nets Merchant Services CEO Robert Hoffman.
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