Using its deep experiences in blockchain development, Ava Labs is billed to be a great addition to the broad suite of enterprise use cases Mastercard is hoping to pioneer using distributed ledger technology.
American multinational financial services corporation Mastercard Inc (NYSE: MA) has onboarded Ava Labs, the blockchain tech startup responsible for the development of Avalanche Network, as a part of its Start Path Crypto program. In the official announcement, Ava Labs will join the host of innovative startups in the Mastercard network to advance the use cases of blockchain technology.
Amongst the primary tasks that are set before Ava Labs and the other members of the Start Path Program is to explore new value-added services and blockchain protocol development opportunities to make it safer and easier for people, businesses, and developers to innovate.
“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. 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,” said Jess Turner, executive vice president of New Digital Infrastructure & Fintech at Mastercard. “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.”
Ava Labs and its creation, the Avalanche blockchain is known for its super performance from time to finality. The network is powering the growth of Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Web3.0, and Metaverse related innovations. Using its deep experiences in blockchain development, Ava Labs is billed to be a great addition to the broad suite of enterprise use cases Mastercard is hoping to pioneer using distributed ledger technology.
Mastercard and Ava Labs Partnership: An Example to Emulate
Blockchain technology has proven to be an innovative force that can help transform our world. Rather than embrace the full potentials of this technology, a number of legacy tech institutions are rather poised to compete with it. This is what Mastercard is choosing to do differently and accounts for why Ava Labs considers the partnership a force for good.
“Mastercard is setting an example for leaders across all industries on how to embrace, rather than combat innovation,” says John Wu, President of Ava Labs. “We look forward to working with projects and partners in the Start Path program to accelerate the positive impacts blockchain technology will have for individuals and institutions across the world.”
There appears to be no limit to the exploration that the Start Path Crypto program will push for. Through the program, “Mastercard is continuously opening up more services and offering new state-of-the-art tools so builders and dreamers of any size from anywhere in the world can engage with Mastercard, rapidly innovate and take new solutions to market at pace.”
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