Blockchain
As part of a Crypto Credential partnership, Aptos Labs, the development entity behind L1 blockchain Aptos (APT), will support the adoption of Mastercard solutions into the crypto ecosystem.
Aptos Labs chosen by Mastercard as the technical partner of the Crypto Credential program
According to an official announcement shared by the team at Aptos (APT), it scored a partnership with Mastercard, a global bank card operator. Aptos Labs will become part of Crypto Credential, a multi-product Mastercard initiative.
1/ The future of identity is Web3 – and Aptos Labs is teaming up with @Mastercard to make that future a reality with Mastercard Crypto Credential, an on-chain identity and verification framework with a variety of uses in payments, remittances, ticketing and NFTs! pic.twitter.com/4vUwylialQ
— Aptos Labs (@AptosLabs) Apr 28, 2023
The new program is designed to break the trust barriers in crypto-to-fiat conversion and transfer systems. For starters, it will focus on identification, authentication, ID management, and security tools.
Raj Dhamodharan, head of Mastercard’s blockchain and digital assets division, emphasizes the importance of this program in making the global adoption of cryptocurrencies secure:
Establishing and scaling trusted ecosystems to enable commerce is not new to Mastercard. We’ve been doing this in payments for years – pioneering innovation in identity verification and global standards. We look forward to bringing decades of experience to this space to build confidence and partner with the wider industry and governments to enable further innovation
Aptos representatives emphasized that the new program will be useful for a number of real-world use cases, including ticketing, digital identity, raffles and so on.
Ava Labs, Polygon Labs and the Solana Foundation will also partner with Mastercard under this program.
Mastercard is betting on crypto integrations in 2023
The pilot phase of the program starts: testing of Mastercard Crypto Credential will start from the framework of cross-border money transfers between the United States, Latin America and Caribbean countries.
Earlier this year, card giant Mastercard already partnered with Polygon (MATIC), the largest EVM-compatible blockchain. The two teams will collaborate on a Web3 incubator for digital makers.
This integration helped introduce a new cohort of Web3 artists to the global NFT community.