IMPORTANT POINTS:
- Mastercard seeks to help establish defined standards in the blockchain and Web3 ecosystems.
- The company is partnering with blockchain platforms Polygon, Solana, Aptos Labs, and Ava Labs on a standards program called the Mastercard Crypto Credential.
- The program will also work with wallet providers such as Uphold, Bit2Me, Lirium, and Mercado Bitcoin.
Mastercard is partnering with various blockchain platforms in an attempt to develop a new set of cryptocurrency standards aimed at improving trust in the industry.
In an announcement made at Consensus 2023, the payments company said it was partnering with Polygon, Aptos Labs, Solana Foundation, and Ava Labs to develop the Crypto Credential.
At #Consensus23, we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs,… pic.twitter.com/P33mtDVAas
— Mastercard News (@MastercardNews) April 28, 2023
According to the company, the Mastercard Crypto Credential is a targeted effort to incorporate the best of basic standards into cryptographic infrastructure, to help instill trust in cryptocurrencies among consumers, businesses, and governments.
Raj Dhamodharan, Mastercard’s head of cryptocurrency, noted in a statement that building trust is a crucial step for the blockchain ecosystem on its path to mass adoption. He noted that Crypto Credential is a way to drive “trusted, compliant and verifiable” blockchain interactions.
“With the Mastercard Crypto Credential, we can help ensure that those interested in interacting in Web3 environments adhere to the standards defined for the types of activities they wish to conduct. Mastercard Crypto Credential will not only define verification standards and levels, but also provide the technology needed to help bring more use cases to life.”
The core standards being promoted will also help build confidence in NFTs, with partners collaborating to improve verification. Mastercard will also work with blockchain companies on the verification of payment solutions and support.
Solana, Polygon, Aptos Labs and Ava Labs will help make new cryptocurrency standards available and applied by developers within their ecosystems.
In addition, cryptocurrency wallet providers Lirium, Uphold, Mercado Bitcoin, and Bit2Me will look to take advantage of the standards for their cross-border transfers. The platforms will initially focus on cryptocurrency payments and remittances within the US, Latin American and Caribbean corridors.
