Mastercard Announces Partnership with Polygon and Solana

Mastercard has announced that it has created the Mastercard Crypto Credential in collaboration with Aptos Labs, Ava Labs, Polygon, and Solana.

Mastercard has announced that it has created the Mastercard Crypto Credential in collaboration with blockchain developers Aptos Labs, Ava Labs, Polygon, and Solana, which is a new set of crypto standards.

What is the announced Mastercard Crypto Credential solution?

This solution provides verified user identities based on established standards to help users perform secure transactions with each other. Users who have been verified according to Mastercard’s standards will receive an address identifier that is compatible with Mastercard. This will help other users verify that the cryptocurrency they want to send has been reviewed by Mastercard and that the address is compatible.

Mastercard developed this solution as a precautionary measure against users being hacked and losing their assets. If a malicious transaction is detected, Mastercard will quickly cancel this verification process, preventing user losses.

“By taking this critical step towards instilling trust in the blockchain ecosystem and realizing its full potential, we have created a path for reliable, compliant, and verifiable interactions on public blockchain networks.”

Raj Dhamodharan, head of crypto and blockchain at Mastercard

In addition, Mastercard Crypto Credential aims to establish a set of common standards and infrastructure that will help verify reliable interactions between consumers and businesses using blockchain networks, highlighting that NFT projects require different verification requirements than those needed to send or receive cryptocurrency.

The solution is backed by several partners, including Polygon and Solana. Collaborations have also been announced with companies such as Bit2Me, Lirium, Aptos, Mercado Bitcoin, and Uphold, which provide cryptocurrency wallet services and aim to target cross-border payment initiatives in Latin America.

“We are collaborating to enhance verification in NFTs, ticketing, corporate, and other payment solutions.”

Raj Dhamodharan, head of crypto and blockchain at Mastercard
Looking for experienced engineers in web3 and blockchain

This development indicates that large, global payment companies such as Mastercard and Visa continue to be interested in cryptocurrency. Furthermore, Mastercard’s rival Visa recently announced that it has hired software engineers with experience in Web3 and blockchain to develop a “bold crypto product roadmap.”

“Every company is developing next-generation products to facilitate commerce in the digital and mobile age.”
Cuy Sheffield, head of crypto at Visa

In conclusion, Mastercard’s new solution aims to verify interactions on blockchain networks in a reliable and compliant manner. This move by Mastercard is expected to increase confidence among investors who have recently become disenchanted with the cryptocurrency sector.

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