Day: May 15, 2024

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Mastercard (NYSE:MA) has announced the selection of five startups to participate in its digital assets program, which aims to foster the development of blockchain use cases.

The chosen startups will join Mastercard’s Start Path blockchain and digital assets program, focusing on the creation of blockchain use cases and user experiences.

Through this initiative, Mastercard (MA) will collaborate with industry experts and fintech firms to explore various applications of digital assets and blockchain technology in addressing real-world challenges.

In a press release issued on Wednesday, Mastercard (MA) highlighted its extensive experience in building a global payments network based on cards, positioning itself to connect regulated money, bank deposits, stablecoins, and central bank digital currencies (CBDCs) with startups’ specific use cases. The program aims to innovate new solutions and improve efficiencies in digital commerce user experiences.

The Five Selected Startups 

1. Kulipa: A French-based company that facilitates crypto payment card issuance for digital wallets.
2. Parfin: A UK-based firm specializing in enterprise-grade software products to assist financial institutions in adopting blockchain rails.
3. Peaq: Headquartered in Singapore, peaq offers permissionless, borderless digital infrastructure for real-world applications.
4. Triangle: A U.S.-based startup focusing on sustainability through a data platform that integrates climate data with finance.
5. Venly: Based in Belgium, Venly simplifies blockchain integration for developers and businesses to support industry growth and digital transformation.

Mastercard’s Start Path program will offer selected blockchain, digital assets, and Web3 startups opportunities for collaboration, customized training, and access to Mastercard’s customer base and distribution channels throughout the virtual four-month program.

Since its inception in 2014, Mastercard (MA) has supported over 400 startups from 54 countries through the Start Path program.

Axel Cateland, the founder of Kulipa, expressed enthusiasm about the program, stating, “Through Mastercard Start Path, we’re looking to uncover new ways to unlock crypto mass adoption and wider financial inclusion with convenient, global stablecoin payments.”

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Circle (CIRC) recently submitted court documents to transfer its legal domicile to the United States from Ireland, as reported by a spokesperson for the company.

Circle (CIRC) initiated the relocation of its legal headquarters to the United States from Ireland. The company, which is the issuer of the second-largest stablecoin, announced its intention to go public in the United States back in January.

According to Bloomberg’s report on Wednesday, Circle (CIRC), the issuer of the USDC stablecoin, aims to establish the United States as its new legal base in anticipation of an upcoming initial public offering in the country. The spokesperson, mentioned in the report, refrained from providing detailed explanations for the move.

Circle (CIRC), which formally applied for a public listing with the U.S. Securities and Exchange Commission (SEC) earlier this year, is currently headquartered in the Republic of Ireland.

With a market capitalization of approximately $33 billion, Circle’s (CIRC) USDC holds the position of the second-largest stablecoin in the cryptocurrency market, as per CoinMarketCap’s data. Tether’s USDT, valued at $100 billion, occupies the top spot.

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As bitcoin prices soar, crypto wallet recovery services are experiencing a sharp increase in demand from retail investors desperate to regain access to their accounts. Cryptocurrencies, stored on decentralized blockchain ledgers, can be accessed through software or hardware wallets, bypassing traditional exchanges. This method, while reducing certain risks, also presents challenges such as forgotten passwords and lost access to two-factor authentication devices, which can lock investors out of their holdings.

The recent bitcoin rally, reaching a high of $73,803.25 in March, has intensified the fear of missing out (FOMO) among investors. According to Reuters, several investors who lost access to their wallets have successfully regained entry through recovery services, driven by the higher stakes involved as bitcoin prices hover around $60,000.

Companies like ReWallet in Germany and U.S.-based Wallet Recovery Services have reported significant increases in service requests, with some fees reaching 20% of the wallet’s value, payable only upon successful recovery. The urgency for access is underscored by an estimated 20% of all bitcoins being inactive, translating to about $237 billion in potentially lost assets.

As the crypto market continues to fluctuate, wallet recovery services are becoming crucial for investors locked out of their digital fortunes, highlighting the ongoing challenges and opportunities within the cryptocurrency security sector.

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Crypto markets showed minimal changes in the last 24 hours, with major cryptocurrencies like Bitcoin and Ether experiencing slight fluctuations, according to CoinGecko data. Bitcoin rose by just over 1%, while Ether dropped by 0.5%. Meanwhile, BNB from BNB Chain and Sol from Solana recorded a 3% decrease.

The crypto landscape saw significant activity among meme coins, which surged following a continued rally in GameStop’s (NYSE:GME) shares earlier in the week. Dog-themed Floki led the gains among major tokens, climbing 12%, while Pepe  reached a new all-time high with a 5% increase.

The meme coin rally was partly fueled by a social media post from Keith Gill, a notable retail trader who previously influenced a major short squeeze on GameStop’s stock in 2021. His recent post led to a surge in meme stocks and tokens, drawing on his @TheRoaringKitty persona.

Amid this, a joke GameStop token on the Solana blockchain reached a $100 million market capitalization, marking a 700% increase in just a week.

Despite these gains among meme tokens, the broader crypto market appears weak, with no significant support from the bullish trends in equities or the weakening dollar, as noted by Alex Kuptsikevich, a senior market analyst at FxPro.

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