In an effort to create a new set of crypto standards intended to raise the industry’s overall trust score. Solana and Polygon are working with Mastercard on a new crypto standards system
The payments companies announced their collaboration with Polygon, Aptos Labs, the Solana Foundation, and Ava Labs to create the Crypto Credential at Consensus 2023 on Friday.
The Mastercard Crypto Credential, in the company’s words, is an endeavor to incorporate the best of common standards into the crypto infrastructure and larger space providers in order to increase consumers’, businesses’, and governments’ trust in cryptocurrency.
Solana and Polygon are working with Mastercard on a new crypto standards system
In a recent statement, Mastercard’s head of crypto, Raj Dhamodharan, stressed the need for trust building for the blockchain ecosystem as it strives for widespread acceptance. To promote “reliable, compliant, and verifiable” blockchain interactions, he mentioned Crypto Credential as a tool.
“Using Mastercard Crypto Credential, we can assist make sure that those who want to engage across Web3 contexts are up to par with the standards for doing so. To assist bring new use cases to reality, Mastercard Crypto Credential will not only set verification criteria and levels but also supply the essential enabling technologies, he said.
Verification requirements for NFTs
The partners are working together to improve verification in NFTs, which will contribute to a climate of trust in the technology. Mastercard will collaborate with blockchain companies to verify tickets and other payments.
Developers in the ecosystems of Solana, Polygon, Aptos Labs, and Ava Labs will soon have an easier time accessing and implementing the latest cryptographic standards.
In addition, crypto wallet services like Lirium, Uphold, Mercado Bitcoin, and Bit2Me will attempt to utilize the standards in order to facilitate international payments. At first, the platforms will concentrate on facilitating crypto-based payments and remittances along the North American, South American, and Caribbean financial corridors.