In order to develop an on-chain identity and verification framework for a range of applications in payments, remittances, ticketing, and NFTs, Mastercard is working with Web3 players.
The Mastercard Crypto Credential is made to assist businesses, developers, and individuals in realising the full potential of facilitating on-chain and international trade in payments and economic value.
Crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold are among the partners on board; they are working on an initial project to facilitate transfers between the US and corridors in Latin America and the Caribbean.
Additionally, the business is collaborating with the Aptos Labs, Ava Labs, Polygon, and The Solana Foundation public blockchain networks. In order to enable the identity and attestation component of sending and receiving money through Web3, Aptos claims to be on the shortlist of blockchains.
The partners also plan to investigate the usefulness of identity-oriented Web3 use cases, such as NFTs, ticketing, enterprise, and payments.
According to Raj Dhamodharan, Executive Vice President at Mastercard, “With Mastercard Crypto Credential, we can 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 define verification standards and levels, as well as provide the essential enabling technology to support the realisation of more use cases.”
Another six blockchain and digital asset startups have joined Mastercard’s StartPath programme, which provides participants with technical collaboration opportunities, training, access to channels and customers, and subject matter expertise.
There are six new participants: Axelar, Cheeze, Coala Pay, Qonbay.io, RociFi Labs, and Suberra.
