Mastercard Partners Polygon, Solana And Ava For Crypto Credential
Mastercard, at the Consensus 23 conference, announced a new blockchain technology initiative called Mastercard Crypto Credential. The payment technology company collaborated with Polygon, Solana, Ava, and other blockchain companies to launch the service, which aims to instill trust in the blockchain ecosystem and enhance verification in NFTs, ticketing, enterprise, and other payment solutions.
JUST IN: Mastercard partners with Polygon, Solana, Ava and others to launch #Crypto Credential system.
— Watcher.Guru (@WatcherGuru) April 28, 2023
Mastercard’s Crypto Credentials
The system will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks. According to Raj Dhamodharan, the Head of Crypto and Blockchain at Mastercard, the system will have multiple use cases, and consumer and business verification needs will vary widely based on market and compliance requirements.
Mastercard Crypto Credentials is expected to be integrated into Mastercard’s Music Pass NFT, Mastercard Artist Accelerator offers, and its work with Immersve. The initiative will ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.
Mastercard’s Interest in Blockchain
The collaboration with networks like Polygon and Solana only speaks to the potential of the technology. The new offering is in line with Mastercard’s recent push to form partnerships with various crypto firms. The payment company’s efforts to engage with the blockchain industry underscore the growing interest in the technology among traditional financial players.
Mastercard’s move into the blockchain space reflects the wider trend of companies exploring blockchain technology’s potential applications beyond cryptocurrency. The company’s foray into the sector is expected to strengthen its position in the financial services industry and provide new avenues for growth.
Mastercard Crypto Credential is a significant development in the blockchain ecosystem that has the potential to enhance verification in various payment solutions. The collaboration with blockchain companies such as Polygon and Solana is a testament to the growing interest in blockchain technology among traditional financial players, which is expected to continue driving innovation in the industry.
