Mastercard has partnered with blockchain platforms Polygon, Aptos Labs, Solana Foundation, and Ava Labs to develop a new set of crypto standards called the Mastercard Crypto Credential.
The initiative aims to enhance trust in the blockchain industry and increase its overall trust score. The partners will collaborate to develop common standards that incorporate the best practices in the crypto infrastructure and make it easier for consumers, businesses, and governments to trust the technology. The Mastercard Crypto Credential will define verification standards and levels and provide enabling technology to bring more use cases to life.
In addition to improving trust in the crypto industry, the partners will work on improving verification in NFTs and collaborating with blockchain firms on verification in ticketing and other payment solutions. The newly established crypto standards will be available to and utilized by developers within the Solana, Polygon, Aptos Labs, and Ava Labs ecosystems.
Moreover, wallet providers such as Lirium, Uphold, Mercado Bitcoin, and Bit2Me will adopt these standards for their cross-border transfers, with a particular focus on payments and remittances within the United States, Latin America, and the Caribbean corridors. According to Raj Dhamodharan, the head of crypto at Mastercard, building trust is critical for mainstream adoption of the blockchain ecosystem. The Mastercard Crypto Credential aims to promote “trusted, compliant, and verifiable” interactions on the blockchain, creating a more secure and trustworthy infrastructure and enabling individuals and businesses to benefit from the technology.