Benzinga - Mastercard (NYSE: MA) is collaborating with public blockchain developers Aptos Labs, Ava Labs, Polygon (CRYPTO: MATIC), and The Solana Foundation (CRYPTO: SOL) to develop a new set of standards called "Crypto Credential."
The aim is to establish trust among consumers, businesses, and governments in the blockchain sector, The Block reported.
Mastercard's head of crypto and blockchain, Raj Dhamodharan, stressed the importance of building trust in the blockchain ecosystem, saying, "We need a way for trusted, compliant, and verifiable interactions to take place on public blockchain networks."
The company intends to create a standardized infrastructure that will help attest to trusted interactions among consumers and businesses using blockchain networks.
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The standards will ensure that those who interact across web3 environments meet the defined standards for their desired activities.
It's worth noting that NFT projects require different verification requirements than those needed to send or receive cryptocurrency.
The move comes at a crucial time when the cryptocurrency industry is grappling with trust issues due to a string of bankruptcies and a decline in the value of cryptocurrencies.
By establishing common standards and infrastructure, Mastercard's Crypto Credential could help address these issues and promote trust in the sector.
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