Mastercard Partners With Polygon, Solana & Others To Launch Crypto Credentials

Mastercard is working with public blockchain companies like Polygon, Aptos Labs, Ava Labs and Solana to create a new set of standards that it refers to as the Crypto Credential. This comes as a part of  Mastercard’s long-standing commitment to increasing the level of trust that consumers, businesses, and governments have in the cryptocurrency industry. With this, Mastercard is aiming to offer a service that makes sure transactions between users’ wallets are traceable and compliant. The proposed service will first focus on facilitating transfers of crypto assets between countries.

Mastercard Launches Crypto Credentials

According to an official statement issued by the payments giant, Mastercard’s Crypto Credential will lay down a set of common standards and infrastructure that will help confirm trusted communications among consumers and businesses using blockchain networks.” The firm further emphasizes the fact that NFT projects require different verification requirements than those needed to transfer cryptocurrencies like Bitcoin, Ethereum and Litecoin.

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Mastercard Crypto Credential will develop a set of common standards and architecture that will aid attest reliable interactions between consumers and organizations utilizing blockchain networks. There are many different use cases that may be unlocked with Mastercard’s new program due to the fact that the verification demands of consumers and businesses vary greatly depending on the market and the standards that must be met.

While speaking about the latest development, the payments firm was quoted as saying:

Mastercard Crypto Credential will not only define verification standards and levels, but it will also provide necessary enabling technology to assist in bringing more use cases to life.

Mastercard Boosts Crypto Adoption

In order to launch the service, Mastercard has formed partnerships with noteworthy crypto companies that provide crypto wallets, including Bit2Me, Lirium, Mercado Bitcoin, and Uphold. The companies are collaborating on an initial endeavor to establish a proper segway for transfer between the United States, Latin America and the Caribbean.

In the past, Mastercard has collaborated with Binance to roll out cryptocurrency debit cards in Brazil and Argentina. Despite rumors of payment processors slowing down their plans in response to a general market fall over the previous year, this new development demonstrates that interested industry giants continue to have a burgeoning interest in cryptocurrencies.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.