Mastercard, a leading global payment technology company, has announced a strategic partnership with renowned blockchain developers: Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation. This collaboration aims to establish a new set of standards and infrastructure for public blockchain transactions. The joint effort, known as ‘Mastercard Crypto Credential,’ seeks to create a common framework that ensures trusted interactions between consumers and businesses utilizing blockchain networks.
Enhancing Blockchain Transactions
The primary focus of the ‘Mastercard Crypto Credential’ solution is to introduce a uniform set of standards and infrastructure that enhance the reliability of blockchain transactions. By incorporating these standards, Mastercard intends to bring more transparency and trust to the world of blockchain. The platform will also enable the development of additional use cases, such as creating user-friendly aliases that facilitate sharing of wallet addresses among consumers.
The focus will be on providing easy-to-remember, straightforward aliases to help consumers share wallet addresses with one another, ramping up the consumer experience alongside reducing the potential for errors.
Mastercard said.
In addition to establishing common standards, the new initiative aims to enrich blockchain transactions by incorporating metadata. This will enable the inclusion of additional information to provide a more comprehensive understanding of the transactions taking place on the blockchain. Furthermore, the initiative seeks to define wallet attributes, ensuring that transactions are executed as intended. To ensure compliance with regulations, Mastercard will leverage CipherTrace’s suite of services to verify addresses and support Travel Rule compliance for cross-border transactions.
Mastercard’s Expanded Focus on Web3
By launching the ‘Mastercard Crypto Credential’ solution, Mastercard further expands its involvement in the Web3 space. The company aims to enhance trust and reliability in blockchain transactions by establishing shared standards and infrastructure. As part of its Web3 strategy, Mastercard has partnered with various blockchain entities to enable the implementation of the ‘Mastercard Crypto Credential’ within their ecosystems. The focus will be on enhancing verification processes in non-fungible tokens (NFTs), ticketing, enterprise solutions, and other payment-related applications.
This latest development aligns with Mastercard’s ongoing efforts in the Web3 space. The company has previously launched a program to assist traditional financial institutions in offering cryptocurrency trading services. Additionally, Mastercard intends to release NFTs (non-fungible tokens) to support Web3 musicians accessing resources to further their careers.
