Mastercard Unveils ‘Crypto Credential’ in Partnership with Aptos Labs, Ava Labs, Polygon and The Solana Foundation
Mastercard has announced a partnership with blockchain developers Aptos Labs, Ava Labs, Polygon, and The Solana Foundation to develop a new set of standards called Crypto Credential. The aim of this initiative is to build trust among consumers, businesses, and governments in the blockchain industry.
Over the years, crypto and blockchain have seen significant innovations contributing to more scalable and resilient systems. However, the lack of proper protections has created vulnerabilities in security and compliance, leading to the erosion of trust among stakeholders. Regulators have worked to establish meaningful regulations for the industry, but to fully implement these rules and build scalable use cases, there is a need for trusted, compliant, and verifiable interactions to take place on public blockchain networks.
Mastercard Crypto Credential will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks. With the Mastercard Crypto Credential, we can ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.
Mastercard Crypto Credential will not only define verification standards and levels but also provide the necessary enabling technology to help bring more use cases to life. It will provide easy-to-remember, straightforward aliases to help consumers share wallet addresses with one another, bringing richer information to blockchain transactions through metadata, and tapping into CipherTrace’s suite of services to help verify addresses and support Travel Rule compliance for cross-border transactions.
This initiative is not new to Mastercard, which has been setting up and scaling trusted ecosystems to enable commerce for years in payments, pioneering innovation in identity verification and global standards. The company is looking forward to bringing decades of experience to this space to enhance trust and work with the broader industry and governments to enable further innovation.
Crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold are working with Mastercard on an initial project to enable transfers between the US and Latin America and the Caribbean corridors. Additionally, public blockchain network organizations Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation will help bring Mastercard Crypto Credential to the application developers in their ecosystems, collaborating to enhance verification in NFTs, ticketing, enterprise, and other payment solutions.
In conclusion, this partnership between Mastercard and blockchain developers aims to instill trust in the blockchain ecosystem, which is a critical step toward realizing its full potential. The Mastercard Crypto Credential will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks, bringing more use cases to life and enhancing innovation.
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