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In response, regulators have worked to establish meaningful regulations for the industry, while central banks and regulated financial institutions have developed a variety of solutions on public chains. But to fully implement these rules and build scalable use cases, we need a way for trusted, compliant and verifiable interactions to take place on public blockchain networks.
That’s why we created 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. There are several use cases that Mastercard Crypto Credential can unlock, as consumer and business verification needs vary widely based on market and compliance requirements.
Joining us on this journey are crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold, which are working with us on an initial project to enable transfers between the U.S. and Latin America and the Caribbean corridors. We’re also teaming up with public blockchain network organizations Aptos Labs, Ava Labs, Polygon Labs and The Solana Foundation, who will help bring Mastercard Crypto Credential to the application developers in their ecosystems. Together, we’ll collaborate to enhance verification in NFTs, ticketing, enterprise and other payments solutions.
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