Payments giant Mastercard is collaborating with a handful of layer-1 altcoin projects to create common crypto standards.
In a new press release, the credit card giant says that it’s teaming up with Ethereum (ETH) rivals Solana (SOL), Aptos (APT), Polygon (MATIC) and Avalanche (AVAX) to bring more trust to blockchain transactions.
According to Raj Dhamodharan, the head of Mastercard’s crypto division, while digital assets have brought innovations to the world of finance in recent years, lack of proper security has caused customers and governments to lose faith in them.
To help alleviate this issue, Mastercard is creating the Mastercard Crypto Credential, which will “establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks.”
“With Mastercard Crypto Credential, we can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.
Mastercard Crypto Credential will not only define verification standards and levels, but also provide necessary enabling technology to help bring more use cases to life.”
One of the ways the program can help is by providing uncomplicated alias names so customers can share wallet addresses without errors and bringing over denser blockchain metadata to ensure transactions are completed, according to the press release.
Dhamodharan then notes that Mastercard will be working with Solana, Aptos, Avalanche, and Polygon to enhance the verification of digital collectibles and payments.
“We’re also teaming up with public blockchain network organizations Aptos Labs, Ava Labs, Polygon and The Solana Foundation, who will help bring Mastercard Crypto Credential to the application developers in their ecosystems. Together, we’ll collaborate to enhance verification in NFTs (non-fungible tokens), ticketing, enterprise and other payments solutions.”
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