Latvian cryptocurrency exchange Globitex has become the first company from the digital asset markets to be accepted into the Lighthouse Development Program (LDP).
Established by investment firm NFT Ventures and payments giant Mastercard, the LDP supports financial technology companies in the Baltic and Nordic countries.
Two sets of fifteen firms are chosen every half year to join the program, with participants benefiting from access to partnership discussions with tier-1 banks and Mastercard.
“We received hundreds of applications and inquiries from fintechs all around Europe,” said LDP Director Jay Jensen.
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“The 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.”
“We hope to prove ourselves to Mastercard”
Globitex, which is based in Riga, stands to gain a lot from the LDP.
Cryptocurrency firms have frequently come up against opposition from both payments firms like Mastercard, as well as traditional banks which, eager to avoid money laundering charges, have generally stayed clear of firms dealing in digital assets.
“Globitex is very proud and humbled to be the first cryptocurrency business to participate in the [LDP] among such a strong group of Fintechs,” Globitex CEO Uldis Teraudkalns.
“We hope to prove ourselves to Mastercard and other program participants as a reliable and innovative strategic partner.”