Mastercard joins forces with Aptos, Polygon, Avalanche and Solana to strengthen Web3 presence

Mastercard joins forces with Aptos, Polygon, Avalanche and Solana to strengthen Web3 presence

US payments giant Mastercard has launched a new Web3 solution that aims to create more trust in blockchain transactions.

The offering, called “Mastercard Crypto Credential,” will establish a set of common standards and infrastructure that “will help validate trusted interactions between consumers and businesses using blockchain networks.”

Mastercard crypto credentials

In a blog post published on April 28, Mastercard emphasized the need for trusted, compliant and verifiable interactions on public blockchain networks. As such, Mastercard Crypto Credential aims to help players interested in interacting via Web3 meet certain defined standards while engaging in any type of activity.

In addition to defining verification standards and levels, Mastercard Crypto Credential will also provide the necessary enabling technology to address more use cases.

Mastercard said the focus will be on providing easy-to-remember, straightforward aliases to help consumers share wallet addresses with each other, improving the consumer experience while reducing the potential for errors.

Another aspect that the new offering aims to address is providing more comprehensive information for blockchain transactions through metadata, along with defining attributes of a wallet to ensure transactions are completed as intended.

Additionally, the company has leveraged CipherTrace's suite of services to verify addresses and support travel compliance for cross-border transactions.

For this initiative, the company has partnered with prominent blockchain entities such as Aptos Labs, Ava Labs, Polygon Labs and The Solana Foundation. These partners are tasked with helping the company make Mastercard Crypto Credential available to application developers in their ecosystems.

The collaboration aims to improve verification in NFTs, ticketing, corporate and other payment solutions.

Mastercard is increasing its Web3 presence

Mastercard has been involved in several initiatives in the Web3 space. Last October, it launched a program to help traditional financial institutions offer cryptocurrency trading to their customers. The payments company has partnered with Binance to launch crypto prepaid cards in Brazil.

Recently, Mastercard outlined its plans to release NFTs to help Web3 musicians access resources to boost their careers.

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