- Mastercard seeks to help bring defined standards to the blockchain and Web3 ecosystems.
- The company has partnered with blockchain platforms Polygon, Solana, Aptos Labs and Ava Labs on a common standard program called Mastercard Crypto Credential.
- Mastercard will also work with wallet providers Uphold, Bit2Me, Lirium and Mercado Bitcoin on this program.
Mastercard is partnering with several blockchain platforms to develop a new set of cryptographic standards aimed at boosting trust scores across the industry.
and announcement At Consensus 2023 on Friday, the payments company said it is partnering with Polygon, Aptos Labs, Solana Foundation, and Ava Labs to develop the Crypto Credential.
and #consensus23, announced how to instill trust in the blockchain ecosystem through the Mastercard Crypto Credential.with crypto wallet providers @Bit2Me_Global, @LiriumAG , @Mercado Bitcoin and @UpholdInc and public blockchain network organizations @Aptos Labs,… pic.twitter.com/P33mtDVAas
— Mastercard News (@MastercardNews) April 28, 2023
According to the company, the Mastercard Crypto Credential aims to incorporate the best of standards common to crypto infrastructure and broader space providers in order to instill trust in crypto from consumers, businesses and governments. It is an effort.
Raj Damodaran, Head of Cryptocurrency at Mastercard, said in a statement that building trust is an important step as the blockchain ecosystem moves toward mainstream adoption. The Crypto Credential isTrusted, compliant and verifiable” Blockchain Interaction.
“The Mastercard Crypto Credential allows users interested in interacting between Web3 environments to ensure that they meet defined criteria for the type of activity they wish to pursue. The Mastercard Crypto Credential not only defines the criteria and levels of verification, but also provides the enabling technology needed to enable more use cases” he added.
Verification criteria in NFT
The proposed common standards will also help instill trust in NFTs as partners work together to strengthen NFT verification. Mastercard also works with blockchain companies on ticketing and validation in other payment solutions.
Solana, Polygon, Aptos Labs, and Ava Labs plan to help developers use and apply the new cryptographic standards within their ecosystem.
Besides that, crypto wallet providers Lirium, Uphold, Mercado Bitcoin and Bit2Me are looking to use the standard for cross-border payments. The platform will initially focus on cryptocurrency payments and transfers within the US, Latin America and Caribbean corridors.