Fintech CEO: Mastercard Crypto & Blockchain Start-Up Program Indicates Long-Term Bullish View on Digital Assets

  • Blockchain , Cryptocurrencies , FinTech StartUps
  • 28.07.2021 05:44 pm

Yesterday, Mastercard announced the creation of a global startup engagement program dedicated to digital assets, blockchain, and cryptocurrency companies, a step which it called a continuation of its “digital assets work.” The program has launched with seven start-ups, which the company aims to work with to “expand and accelerate innovation around digital asset technology and make it safer and easier for people and institutions to buy, spend and hold cryptocurrencies and digital assets."

“Mastercard isn’t simply buying into the concept of digital assets, they’re working almost as though they’re an incubator in order to help the digital assets space expand. That says a lot about where their strategy team is. One of the best ways to expand your footprint in a segment is to help develop start-ups, which have an advantage of being nimble and as able to quickly respond to trends. Funding those initiatives allows a corporation easy access to integrate that new technology into their own, either as a partner or a target for an eventual acquisition. If Mastercard is investing here, they understand the long-term advantages of playing in the digital assets space,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

According to the Mastercard statement, “Founders of the digital asset and blockchain companies participating in the new Start Path program aim to address a host of pain points including asset tokenization, data accuracy, digital security and seamless access between the traditional and digital economy. Each startup is focused on solving a unique industry challenge and, throughout the program, will leverage Mastercard’s expertise to support the continued growth and development of their solutions.”

Right now, as the industry continues to emerge and more central banks plan to develop and beta test CBDCs, the indications that digital assets will be a transformative innovation have never been greater. Blockchain has proven its mettle. It isn’t a flash in the pan. Amazon has just announced that it’s hiring a Digital Currency and Blockchain Product Lead. Mastercard is making arrangements. Despite what a handful of naysayers might say, digital assets are the future of finance,” noted Gardner.

According to Mastercard Executive Vice President of New Digital Infrastructure and Fintech Jess Turner, “Mastercard has been engaging with the digital currency ecosystem since 2015. As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry, and provide consumer protections 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.

“We’ve had this discussion ad nauseum. Those that can, must. I’ve been speaking for years, saying that we must work together to shape the industry we want to build. While we wait for regulators to develop and mainstream guidelines, it is up to us to do our part to encourage proper security and consumer protections within the digital assets space,” Gardner said.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

While, according to their release, more than 250 startups have participated in their Start Path program since 2014, it is cool to see Mastercard make an official acknowledgment of the digital assets space. Digital assets have completely upended how the world is going to relate to finance. Every time a major corporate player makes an announcement like this, they are, in essence, prosecuting the case in favor of a blockchain future,” said Gardner.

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