Mastercard partners Solana and Polygon on new crypto standards system

Mastercard partners Solana and Polygon on new crypto standards system

By Benson Toti - min read
  • Mastercard is looking to help bring defined standards to the blockchain and Web3 ecosystems.
  • The company is partnering blockchain platforms Polygon, Solana, Aptos Labs, and Ava Labs, on the common standards program it calls Mastercard Crypto Credential.
  • Mastercard will also work with wallet providers Uphold, Bit2Me, Lirium, and Mercado Bitcoin on the program.

Mastercard is partnering with several blockchain platforms in a bid to develop a new set of crypto standards aimed to boost the industry’s overall trust score.

In an announcement at Consensus 2023 on Friday, the payments firms said it was teaming up with Polygon, Aptos Labs, Solana Foundation and Ava Labs, to develop the Crypto Credential.

According to the company, the Mastercard Crypto Credential is an effort targeted at incorporating the best of common standards into the crypto infrastructure and broader space providers to help instill trust in crypto from consumers, businesses and governments.

Raj Dhamodharan, the head of crypto at Mastercard noted in a statement that building trust is a crucial step for the blockchain ecosystem as it looks towards mainstream adoption. Crypto Credential, he noted, is one way of pushing for “trusted, compliant, and verifiable” blockchain interactions.

With Mastercard Crypto Credential, we can help 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 necessary enabling technology to help bring more use cases to life” he added.

Standards for verification in NFTs

The common standards being advocated for will also help with instilling trust in NFTs, with the partners collaborating towards enhancing verification in NFTs. Mastercard will also work with blockchain firms around verification in ticketing and other payments solutions.

Solana, Polygon, Aptos Labs and Ava Labs are set to aid in having the new crypto standards available to and applied by developers within their ecosystems.

Other than that, crypto wallet providers Lirium, Uphold, Mercado Bitcoin and Bit2Me will look to tap into the standards for their cross border transfers. The platforms will initially focus on crypto payments and remittances within the United States, Latin America and the Caribbean corridors.