Mastercard Partners With Solana, Polygon, Others On New Crypto Credential Standards

TL;DR

• Mastercard has partnered with Solana, Avalanche, Aptos, and Polygon to launch new crypto credential standards

• The move is designed to instill trust in the blockchain ecosystem.

Mastercard Taps Solana, Polygon, Others

Payment processing company Mastercard has partnered with public blockchain developers Aptos Labs, Ava Labs, Polygon and The Solana Foundation to launch a new set of standards called Crypto Credential.

Mastercard seeks to build the trust of consumers, governments, and businesses within the cryptocurrency and blockchain ecosystem. 

While commenting on this latest development, Mastercard's head of crypto and blockchain, Raj Dhamodharan, said;

"Instilling trust in the blockchain ecosystem is a critical step towards realizing its full potential. We need a way for trusted, compliant, and verifiable interactions to take place on public blockchain networks."

The company said its Crypto Credential is set to establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks.

Mastercard added that NFT projects require different verification requirements than those needed to send or receive cryptocurrency. The company added that Crypto Credential will also ensure that people interested in interacting across the Web3 ecosystem are meeting defined standards for the types of activities they’d like to pursue.

This latest development comes following numerous bankruptcies in the crypto space, including Celsius, FTX, Voyager, and others. 

In addition to Polygon, Solana, Ava Labs, and Aptos Labs, Mastercard said it is also working with wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold. These wallet providers will use the tools on an initial project to enhance cross-border transactions between the United States and Latin America, and the Caribbean. 

 Dhamodharan added that

"Together, we’ll collaborate to enhance verification in NFTs, ticketing, enterprise and other payments solutions."

Mastercard is not the only payment processing company that is making moves in the crypto space. Its competitor, Visa, is currently hiring software engineers as it develops what it describes as an ambitious crypto product roadmap.