Mastercard is collaborating with Web3 stakeholders to establish an on-chain identity and verification framework applicable to various areas including payments, remittances, ticketing, and NFTs.
The Mastercard Crypto Credential initiative aims to empower companies, developers, and individuals to harness the potential of on-chain payments, commerce, and economic value across borders. Key partners in this initiative include crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold, who are initially focused on facilitating transfers between the US and Latin America and the Caribbean.
In addition, Mastercard is partnering with public blockchain networks such as Aptos Labs, Ava Labs, Polygon, and The Solana Foundation. Aptos is positioned as a key blockchain for enabling the identity and attestation aspects of transferring funds via Web3.
These partnerships will also explore identity-focused Web3 use cases, including NFTs, ticketing, and enterprise payments. Raj Dhamodharan, EVP of digital asset and blockchain product and partnerships at Mastercard, stated that the Mastercard Crypto Credential will help ensure that participants in Web3 contexts can meet established standards for various activities. He added that the initiative would not only set verification standards and levels but also provide the necessary technology to enable further use cases.
In a related effort, Mastercard has welcomed six new startups into its StartPath program, offering participants training, access to customer channels, subject matter expertise, and opportunities for technical collaboration. The latest members include Axelar, Cheeze, Coala Pay, Qonbay.io, RociFi Labs, and Suberra.