Mastercard is partnering with public blockchain developers. Aptos Labs , Ava Labs , Polygon and The Solana Foundation To develop a new crypto standard called “Mastercard Crypto Credential” to build trust among consumers, businesses and governments.
Mastercard’s head of crypto and blockchain, Raj Dhamodharan, said in a statement: “We need a way for reliable, consistent, and verifiable interactions on public blockchain networks.”
Mastercard Crypto Credential “will create a common set of standards and infrastructure that will ensure trusted interactions between consumers and businesses using the blockchain network,” the company said, noting that the NFT project requires different verification requirements than what is currently being developed by Mastercard. Required to send or receive cryptocurrencies.
The new standard will “Make sure those interested in interacting via web3 meet the standards set for the type of activity they want to do.”
While public blockchain networks including Aptos Labs and Polygon will help bring standards to application developers in their ecosystem, Mastercard said the wallet provider Bit2Me , Lirium , Mercado Bitcoin and Uphold This tool will be used in the project. to enable cross-border transfers between United States and Latin America and the Caribbean
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