Mastercard Partners with Polygon to Launch Crypto Credential Service

  • Mastercard previously collaborated with Binance to issue crypto debit cards in Argentina and Brazil.

Mastercard has launched a service that will strengthen trust in the crypto market. The company announced its Crypto Credential service, which guarantees that transactions between users’ wallets are verifiable and compliant, including digital asset transactions between nations.

The service would ensure that cross-border transactions comply with policies such as the Financial Action Task Force’s (FATF) travel rule. The service, according to Mastercard, will “ensure that those interested in interacting across web3 environments are meeting defined standards for the types of activities they’d like to pursue.”

Mastercard is launching the new service in partnership with blockchain companies such as the Solana Foundation, Aptos Labs, Polygon, and Ava Labs. Mastercard also collaborated with the wallet service providers Uphold, Lirium, Bit2Me, and Mercado Bitcoin to launch the service.

Mastercard head of crypto and blockchain Raj Dhamodharan said in a statement that “instilling trust in the blockchain ecosystem is a critical step towards realizing its full potential.” He added that “we need a way for trusted, compliant, and verifiable interactions to take place on public blockchain networks.”

According to Dhamodharan, “If two people want to transfer value from one country to another, the level of compliance and verification needed is complex. So how do you identify those wallets, and how do you exchange enough information about the other party?”

As per an official statement, the 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.” However, a different verification requirement will be used for NFT projects than for regular crypto transactions.

Recent reports revealed that Mastercard had planned to slow down its investment in crypto due to a general market decline over the past year. However, the company’s recent actions demonstrate its continued interest in the industry. Mastercard has previously collaborated with Binance to issue crypto debit cards in Argentina and Brazil.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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