Mastercard Partners With Solana, Polygon, Aptos Labs, and others to Instill Blockchain Trust
Mastercard partners with crypto networks to improve Web 3 Trust.
Mastercard has announced an innovative collaboration with several crypto networks, including Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation, to "instill trust in the blockchain ecosystem." It will achieve this via the "Mastercard Crypto Credential," the company's social handler says in a tweet on Friday.
According to its Press Release, the firm's new infrastructure will foster blockchain transactional trust using what it calls the Mastercard Crypto Credential.
"Mastercard Crypto Credential will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks."
Here Is How the Mastercard Crypto Credential Will Work
The Mastercard Crypto Credential defines a set of protocols for verifying crypto transactions to securely send and receive crypto and related assets using crypto wallets.
According to Mastercard, the credential will rank each crypto transaction verification criteria on a type-by-type basis rather than generally. For instance, the verification level for sending or receiving an NFT will differ from that of transferring a fungible token like Ethereum or Solana.
"With Mastercard Crypto Credential, we can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue."
Mastercard also says its Crypto Credential will help improve transaction transparency by aliasing wallet addresses and improving crypto transactions and metadata. To cap it all, it says it plans to verify addresses for transborder transactions leveraging CipherTrace, the firm's cryptocurrency intelligence and blockchain analytic tool.
"Mastercard Crypto Credential will not only define verification standards and levels, but also provide necessary enabling technology to help bring more use cases to life." In addition to the partnering blockchains, Mastercard is also building with crypto wallet providers, including Bit2Me, Lirium, Mercado Bitcoin, and Uphold.
Mastercard Might Bring Some Sanity to Web 3.0, After All
Governing bodies have tried to regulate the crypto industry over the years. While some of these efforts are effective, controlling a decentralized network could be difficult. However, Mastercard's statement, "We need a way for trusted, compliant and verifiable interactions to take place on public blockchain networks," might cover some layers of the Web 3.0 loopholes.
Uncontrolled and abrupt loss of funds is one of the banes of the blockchain. This has caused wrangling between crypto regulators and many crypto businesses and investors—with crypto enthusiasts accusing regulators of dishing out poorly narrated or unclear regulatory guidelines.
Mastercard's partnership with several blockchains looks promising to bring some level of sanity to decentralized transactions if implemented timely and accurately.