Seven new blockchain startups have joined Mastercard's crypto accelerator.

The global payments giant Mastercard is continuing its support of bitcoin and blockchain businesses through the Mastercard Start Path programme, which is the company's financial technology accelerator.

According to an announcement made by the company on November 3, Mastercard has selected seven additional sector startups for its Start Path initiative in order to promote the adoption of cryptocurrency and blockchain technologies.

The cryptocurrency gateway service provider Fasset, the cryptocurrency payments platform Digital Treasures Center based in Singapore, and the Colombian firm Stable that focuses on stablecoins are also part of the latest batch of startups. Previously, in July, Mastercard entered into a partnership with Fasset to collaborate on the development of digital solutions that would drive financial inclusion in Indonesia.

In addition, the brand-focused platform Uptop, the blockchain-based media fintech initiative Take Back the Mic, the privacy startup Quadrata, and the Web3-focused social payments system provider Loot Bolt are all participants in the most recent iteration of the Mastercard Start Path programme.

According to the release, the companies that were selected will make closing the gap between Web2 and Web3 one of their primary focuses in order to compete for the contract. According to Mastercard's statement, "We're welcome a new cohort of companies to ease access to digital assets, develop communities for creators, and empower individuals to innovate for the future through Web3 technologies."

Mastercard Start Path is an accelerator programme that was introduced in 2014 and lasts for a period of six months. Its purpose is to assist new businesses in developing and commercialising their goods and services. Over the course of its history, Mastercard has provided financial backing to more than 350 new businesses, many of which have gone on to become so successful that they are referred to as "unicorns." These businesses include Thought Machine, an online banking provider, the Indian fintech startup Zeta, and Razorpay.

Start Path Crypto was the name given to the specialised cryptocurrency department that Mastercard introduced in 2021 as part of its Start Path business. The cryptocurrency accelerator was designed to offer assistance to seed, Series A, and Series B firms that are engaged in the creation of cryptocurrency and blockchain technology through a support programme that lasts for three months.

The Start Path Crypto programme has now welcomed a total of 25 crypto-related startups, including the digital wallet Uphold, the cryptocurrency storage firm GK8, and Emin Gün Sirer, CEO and founder of blockchain developer Ava Labs. The most recent addition brings the program's total number of participants to 25.