At Consensus 23, Mastercard unveiled a new innovative step in their work in blockchain technology. Specifically, the payment company has unveiled Mastercard Crypto Credential in collaboration with Polygon, Solana, AVan, and more.
The payment technology company announced the service would instill “trust in the blockchain ecosystem,” according to a post today. Additionally, the efforts will “enhance verification in NFTS, ticketing, enterprise, and other payment solutions.”
Mastercard Crypto Credentials Announced
Just as it was revealed that the payment company is seeking partnerships with various crypto firms, Mastercard has launched a new offering to the industry. Specifically, at Consensus 23, Mastercard Crypto Credential has launched.
The endeavor is in collaboration with Polygon, Solana, Ava, and a host of blockchain companies. Moreover, a press release regarding the system noted its focus on trust in blockchain technology.
The company’s Head of Crypto and Blockchain, Raj Dhamodharan, discussed what the innovative system will mean. Stating, “Mastercard Crypto Credentials will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks.”
The system will have multiple use cases, according to Dhamordharan. Subsequently, it is noted that “consumer and business verification needs vary widely based on market and compliance requirements.” Nevertheless, Dhamordharan stated that the system will be integrated into its Mastercard Music Pass NFT, and Mastercard Artist Accelerator offers. As well as its work with Immersve.
Mastercard Crypto Credentials is looking to “ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.” Moreover, the collaboration with networks like Polygon and Solana only speaks to the potential of the technology.