Mastercard has teamed up with Aptos Labs, Ava Labs, Polygon Labs, and the Solana Foundation for a program that aims to enhance trust and security in crypto-to-fiat transactions.
Mastercard has teamed up with Aptos Labs, Ava Labs, Polygon Labs, and the Solana Foundation for a program that aims to enhance trust and security in crypto-to-fiat transactions. The program will focus on identification, authentication, ID management, and security tools.
The Crypto Credential program is a multi-product initiative leveraging blockchain technology to provide innovative solutions for crypto users and businesses.
The program will address some challenges and opportunities in crypto, such as identity verification, fraud prevention, compliance, interoperability, and scalability.
Raj Dhamodharan, head of Mastercard’s blockchain and digital assets arm, stresses this program’s importance for securing the global adoption of cryptocurrencies. He says:
“As more people use digital assets in their everyday lives – whether as a form of payment, an investment, or an NFT – it’s critical that we build trust in this ecosystem. By partnering with these leading blockchain platforms and developers, we can create a more secure and seamless way for people to prove who they are when using crypto.”
The program’s pilot phase will test cross-border money remittances between the US, Latin America, and the Caribbean;
The pilot will involve Mastercard’s partners, such as Circle, Paxos, Evolve Bank & Trust, and Uphold. The pilot will use stablecoins such as USDC and PAX and fiat currencies such as USD and BRL.
Mastercard’s initiative partners include Aptos Labs, the developer of L1 blockchain Aptos (APT). Aptos Labs is developing a new Web identity solution to generate and manage digital identities across platforms and applications. APT and other cryptocurrencies will reward users and validators.
Aptos Labs’ CEO and co-founder, Dr. Alex Liu, says:
“We are thrilled to partner with Mastercard for the Crypto Credential program. We believe that Web identity is the next frontier of blockchain innovation, and we are excited to contribute our expertise and technology to this initiative. We share Mastercard’s vision of creating a more secure and inclusive digital economy for everyone.”
Other blockchain projects that will collaborate with Mastercard within the framework of this program include Ava Labs, Polygon Labs, and the Solana Foundation.
These projects are among the leading platforms regarding scalability, performance, and user adoption. They will provide technical support and resources to help Mastercard develop and deploy its Crypto Credential solutions.
Mastercard has been actively exploring and integrating crypto solutions in its network and services. Earlier this year, the card giant already partnered with Polygon (MATIC), the largest EVM-compatible blockchain.
The two teams will collaborate on a Web3 incubator for digital creators. With these partnerships, Mastercard is betting big on crypto integrations in 2023.