Globitex becomes the first Crypto business to join MasterCard’s program

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Globitex, a cryptocurrency exchange based in Latvia, became the first crypto firm to join the Mastercard’s Lighthouse Development Program (LDP).

According to the announcement, Globitex received LDP membership joining the select few in the program, which was launched in 2018 by MasterCard and NFT Ventures. The two, created this program to provide support to financial technology companies in Baltic and Nordic countries. The program seeks to help the selected entities develop a more advanced financial solution for the general market space.

The LDP initiative is programmed to take in 15 companies every six months. Many companies reportedly apply to join the program, but only the best are chosen and granted membership. Jay Jensen, LDP’s director, explained:

We received hundreds of applications and inquiries from fintechs all around Europe. Quality of [financial technology firms] coming out of the Baltic and Nordic capitals is perhaps the highest in the continent, and we are thrilled to see more companies applying each year.

Notably, Globitx stands to gain a lot from this newly acquired membership. The exchange now has the opportunity to share its ideas and expertise with other influencers. It also will have an avenue to explore possibilities and form partnerships with top-tier banks in the region. While commenting on their acceptance, Globitex CEO Uldis Teraudkalns stated:

Globitex is very proud and humbled to be the first cryptocurrency business to participate in the [LDP] among such a strong group of Fintechs. We hope to prove ourselves to Mastercard and other program participants as a reliable and innovative strategic partner.

This is a significant step for the cryptocurrency community who has faced a lot of opposition from traditional banking institutions, including Mastercard. Most banking institutions do not want to be associated to money launder and other risks that come with crypto trade and thus fight crypto businesses. The better part of 2018 saw many closed down accounts belonging to crypto exchanges and crypto firms. 

Earlier this year in February, Globitex launched its EURO wallet. According to reports, the wallets allow users to receive and make payments on personal IBAN account similar to any EUR bank accounts. During the launch, the exchange claimed that this wallet was the solution to crypto businesses that were having issues with their banks.