Executive Summary
- Mastercard is collaborating with public blockchain developers and wallet providers to introduce a new set of standards called Crypto Credential.
- The aim of Crypto Credential is to instill trust in the blockchain ecosystem by ensuring trusted interactions among consumers, businesses, and governments.
- Initial projects will focus on cross-border transfers and enhancing verification in NFTs, ticketing, and payment solutions.
Mastercard Introduces Crypto Credential Standards
Mastercard is joining forces with public blockchain developers Aptos Labs, Ava Labs, Polygon, and The Solana Foundation to develop Crypto Credential, a new set of standards aimed at building trust among consumers, businesses, and governments within the blockchain sector.
Building Trust in Blockchain with Mastercard Crypto Standards
Raj Dhamodharan, Mastercard’s head of crypto and blockchain, emphasized the importance of trust in the blockchain ecosystem. Mastercard Crypto Credential intends to create a common set of standards and infrastructure that will attest to trusted interactions between consumers and businesses using blockchain networks. This comes as the industry faces a decline in trust due to recent bankruptcies in the crypto market and a drop in cryptocurrency values from their 2021 highs.
Collaboration with Blockchain Developers and Wallet Providers
Mastercard will work with public blockchain networks, such as Aptos Labs and Polygon, to bring these standards to application developers. Wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold will also participate in an initial project focused on enabling cross-border transfers between the U.S. and Latin America and the Caribbean. The collaboration aims to enhance verification processes in NFTs, ticketing, enterprise, and other payment solutions.
Despite a widespread market decline over the past year, large global payment processors like Mastercard continue to show interest in crypto. Mastercard has previously partnered with Binance to issue crypto-linked debit cards in Brazil and Argentina, while Visa is currently hiring software engineers for its “ambitious crypto product roadmap.”
In conclusion, Mastercard’s Crypto Credential initiative demonstrates the ongoing commitment of major payment processors to embrace the potential of blockchain technology and cryptocurrencies. By collaborating with industry-leading blockchain developers and wallet providers, Mastercard aims to create a robust and secure infrastructure for trusted interactions within the blockchain ecosystem. This move not only highlights the importance of trust in the rapidly evolving sector but also paves the way for innovative applications, fostering growth and confidence in the crypto and blockchain markets.