Bitfy, cryptocurrency wallet, joins Mastercard program

Bitfy, which is Brazil’s multi-purpose cryptocurrency self-custody wallet, will be in the third round of Mastercard’s Start Path Crypto program. The startup acceleration program lasts three months and is online. Therefore, according to Bitfy CEO and founder Lucas Schoch, the partnership should accelerate and help the startup expand. “Partnering with a giant like Mastercard will allow us to learn from their experience,” he says.

The program includes access to specialists, solutions for growth and connection to the company’s payment system, that is, to products, suppliers and customers. In addition, it provides the opportunity to integrate with Mastercard’s proprietary technology, such as application programming interfaces (APIs) and card issuance programs.

As reported exclusively by Blocknews, last December Bitfy announced that it received a Series A contribution of R$13.3 million. The round was led by the American investor with a focus on blockchain Borderless Capital. And it relied on other investors such as the Algorand platform, the Dash Investment Foundation and US angel investors. Thus, the startup reached a market value of R$ 120 million. Schoch often says that his company is a kind of PicPay of cryptocurrencies. And to grow, one of the actions is, for example, partnerships with companies like Cielo, iFood, McDonald’s, Evino and Hering for payments.

Bitfy is one of 18 startups in the Mastercard program

The Start Path Crypto program now supports 18 startups. “As a technology leader, we know we play a critical role in digital assets, helping to shape the industry and keeping consumers safe,” said Mastercard Vice President of Market and Development for Latin America and the Caribbean (ALC), Kiki del valley.

According to an Americas Market Intelligence (AMI) survey commissioned by Mastercard, 19% of Latin American adults use or have used digital currencies. The modality is rapidly expanding to consumers with fewer resources, traditionally excluded from the financial system. This is particularly true in countries that face strong devaluation of the national currency, such as Argentina and Venezuela.

In the region, the adoption of cryptocurrencies as a means of payment is growing strongly. The survey found that 10% of small and medium-sized businesses already accept cryptocurrencies as a means of payment, while another 15% are in the experimentation phase.