Munich-based blockchain analytics company bitsCrunch recently announced its strategic collaboration with credit card giant Mastercard. Details were revealed on the team’s official website.
Specifically, bitsCrunch will join the list of Mastercard’s business incubators, in the scope of Start Path program.
Star Path is a suite of engagement programs aimed at nurturing and supporting global promising startups in the blockchain space. Incubated companies will be provided with a variety of incentives.
These advantages include infrastructure setup, financial support, mentorship, and, most importantly, the potential to expand their user base.
Incubated initiatives will be provided with Matercard’s crypto product and strategy leadership team, covering topics: assessment of underlying blockchain networks, smart contracts, and NFT markets.
This is an opportunity for bitsCrunch to get insights from leading researchers and thinkers in the fields of digital commerce, web3, crypto, and payments, as well as to connect with Mastercard’s customers and partner network.
As part of the partnership, Mastercard will provide bitsCrunch with advisory, marketing, and consulting capabilities.
The team at bitsCrunch has acknowledged the importance of customer adoption in the long term, the partnership will help bitsCrunch accelerate service tech development as well as encourage more worldwide audiences to use the service.
Vijay Pravin Maharajan, bitsCrunch CEO, shared the team’s vision and purpose of the partnership with this statement,
“With MasterCard, startups around the globe can develop platforms across open banking, predictive financial modeling for small businesses, smart rental payments, and more. The partnership with bitsCrunch allows companies to access MasterCard’s global ecosystem and reach new audiences through MasterCard customers. The collaboration will provide safe and secure transactions, which will enhance the brand’s credibility.”
Mastercard Is Crypto Friendly
As Mastercard becomes more involved in the digital-asset ecosystem, the Star Path initiative widens its aims beyond payment solutions and into other potential industries such as fintech, blockchain, eCommerce, AI, and many more.
The bitsCrunch score targets match with MasterCard’s fraud prevention aims, which include finance and several other areas.
Currently, bitsCrunch offers a wide range of products, each of which is aimed to address the ongoing difficulties of the NFT ecosystem, such as wash trading, counterfeiting, and inefficient asset appraisals.
BitsCrunch will be able to expand its visibility in the mainstream economy even further by leveraging MasterCard’s infrastructure and global reach.
Likewise, MasterCard can use bitsCrunch to give users immediate access to the NFT ecosystem.
The platform’s product offering will make it easier for MasterCard’s non-cryptocurrency users to identify, assess, and invest in NFTs and other digital assets.
MasterCard can ensure that its global customers can make informed trading decisions across a wide range of NFT asset classes by leveraging bitsCrunch’s trio of NFT security services like Scour, Liquify, and Crunch DaVinci – in concert with fast, accurate, and dependable analytics services.
Speaking onthe partnership, a Mastercard representative said,
“With tech-savvy tools, an incredible team, and industry expertise, bitsCrunch ensures consistent quality and safety across the digital assets startups. Collaborating with MasterCard Start Path helps us deliver the best-in-class solutions to emerging crypto industry customers and transforming business landscapes. Also, we are glad that bitsCrunch will be incorporated into the MasterCard Start Path program shortly.”
BitsCrunch, self-described as “The Guardians of the NFT ecosystem,” is a service and product provider that uses AI in the development of analytical tools.
Its innovative features give consumers fair NFT prices, wash trade alerts, and real NFT verification.
The company is concentrating on increasing data access in the NFT market in order to prevent customers from counterfeiting and being misled by erroneous trade volume statistics.
The interest of major credit card companies in cryptocurrency and NFTs has grown in recent months.
Mastercard announced an agreement with Coinbase in January to revolutionize the NFT purchase experience.
Visa introduced its global NFT funding program at the end of March this year in an effort to help artists market their NFT work and learn about the crypto and blockchain industries.
The euphoria surrounding NFT may have passed, but interest has shown no indications of waning, contrary to past projections.