According to Raj Dhamodharan, the head of crypto products and blockchain initiatives at Mastercard (MA), the payment processing firm is rolling out a new service aimed at guaranteeing the legitimacy and adherence of transactions between users’ digital wallets. This service will initially focus on facilitating transfers of digital assets across international borders.
Mastercard has recently launched the Mastercard Crypto Credential in partnership with Polygon, Solana, AVA, and other entities. The payment technology firm has stated that the service will promote confidence in the blockchain industry and strengthen authentication processes for non-fungible tokens (NFTs), ticketing, enterprise solutions, and other payment services.
At #Consensus23, we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs,… pic.twitter.com/P33mtDVAas
— Mastercard News (@MastercardNews) April 28, 2023
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Mastercard unveils crypto credentials
Mastercard has partnered with various blockchain companies, including Polygon, Solana, Ava, and others, to launch the new initiative. The focus of the project is to establish trust in the blockchain industry. In a press release, Mastercard’s Dhamodharan described the innovative system and stated that “Crypto Credentials will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks.”
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Additionally, Dhamodharan spoke about cross-border transactions and stated the complexity of compliance and verification needed to transfer value from one country to another. In order to implement the new service, Dhamodharan explained that Mastercard collaborated with Bit2Me, Lirium, Mercado Bitcoin, and Uphold, which are wallet providers. These companies are currently collaborating on an initial project aimed at facilitating transfers between the U.S., Latin America, and the Caribbean corridors.
