In a major move to promote interoperability in the cryptocurrency space, Mastercard has partnered with Solana and Polygon to develop new crypto credential standards.
Mastercard has collaborated with Aptos Labs, Ava Labs, Polygon, and The Solana Foundation, public blockchain developers to create a new set of standards called Crypto Credential, with the aim of increasing trust among consumers, businesses, and governments in the cryptocurrency industry.
The new standards will enable developers and users to securely store and manage digital identities and related credentials across different blockchain networks. This will make it easier for individuals and businesses to access and use a wide range of decentralized applications.
Mastercard’s decision to team up with Solana and Polygon is a significant development for both platforms, which have been gaining traction in the cryptocurrency world. Solana is known for its high-speed, low-cost blockchain network, while Polygon has become a popular choice for decentralized finance (DeFi) applications.
According to Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products and partnerships, “Instilling trust in the blockchain ecosystem is a critical step towards realizing its full potential. We need a way for trusted, compliant, and verifiable interactions to take place on public blockchain networks.”
According to Mastercard, Bit2Me, Lirium, Mercado Bitcoin, and Uphold, wallet providers, will be utilizing the tools in an initial project to facilitate cross-border transfers between the United States and Latin America as well as the Caribbean.
Dhamodharan expressed that,”Together, we’ll collaborate to enhance verification in NFTs, ticketing, enterprise and other payments solutions.”
The partnership between Mastercard, Solana, and Polygon is just the latest example of how traditional financial institutions are increasingly embracing the potential of blockchain technology and cryptocurrency. With more and more companies entering the space, it’s clear that the future of finance is rapidly evolving, and that blockchain will play a key role in shaping it.
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