US-based Mastercard has joined forces with several Web3 partners to launch crypto credentials in a bid to improve the reliability of crypto transactions.
Mastercard Crypto Credential was created to help developers, companies, and individuals to realise the full potential of powering payments, commerce, and economic value across borders and on-chain.
Some of the main partners that worked with Mastercard on this product launch include crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold. These entities are also working on an initial project to support transfers between the US and Latin America and the Caribbean corridors.
Mastercard is also collaborating with several public blockchain network organisations such as Aptos Labs, Ava Labs, Polygon, and The Solana Foundation. According to Aptos, it is shortlisted to enable the identity and attestation element of sending and receiving funds through Web3.
Company representatives cited by financialit.net talked about Mastercard Crypto Credential and explained how it can help ensure that those interested in interacting across Web3 environments are able to meet defined standards for the types of activities they’d like to pursue. They also clarified that Mastercard Crypto Credential will not only define verification standards and levels but also provide necessary enabling technology to help support more use cases.
Mastercard has also onboarded 6 blockchain and digital asset startups into its StartPath programme. Through this programme, the company is providing participants with training and access to channels and customers as well as subject matter expertise.