Mastercard said blockchain developers Aptos Labs (Aptos), Ava Labs (Avalanche), Polygon (MATIC) and Solana Foundation (Solana) are working together on a new set of standards it calls Mastercard Crypto Credential.
Aptos Labs is known as the companies behind the Aptos altcoin and Ava Labs is known as the companies behind the Avalanche altcoin.
"Instilling trust in the blockchain ecosystem is a critical step towards realizing its full potential," said Raj Dhamodharan, head of cryptocurrency and blockchain at Mastercard.
“We need a way for reliable, compliant and verifiable interactions to occur on public blockchain networks.”
Stating that Mastercard Crypto Credential will “create a set of common standards and infrastructures that will help verify reliable interactions between consumers and businesses using blockchain networks,” the company noted that NFT projects require different verification requirements than those required to send or receive cryptocurrencies.
Mastercard said the new set of standards "will enable those who want to interact in web3 environments to meet defined standards for the types of activities they want to perform".
*Not investment advice.