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As part of a Crypto Credential partnership, Aptos Labs, the development entity behind L1 blockchain Aptos (APT) will support the adoption of Mastercard's solutions in the crypto ecosystem.
Aptos Labs chosen by Mastercard as Crypto Credential program technical partner
According to an official announcement shared by the team of Aptos (APT), it scored a partnership with Mastercard, a global bank card operator. Aptos Labs becomes part of Crypto Credential, a multi-product Mastercard initiative.
1/ The future of identity is Web3—and Aptos Labs is partnering with @Mastercard to make that future a reality with Mastercard Crypto Credential, an on-chain identity and verification framework with a variety of applications in payments, remittances, ticketing, and NFTs! pic.twitter.com/4vUwylialQ
— Aptos Labs (@AptosLabs) April 28, 2023
The new program is designed to push the barriers of trust in crypto-to-fiat conversion and transfer systems. To start with, it will focus on identification, authentication, ID management and security tools.
Raj Dhamodharan, head of Mastercard's blockchain and digital assets arm, stresses the importance of this program for making the global adoption of cryptocurrencies secure:
Setting up and scaling trusted ecosystems to enable commerce is not new to Mastercard. We've done this for years in payments — pioneering innovation in identity verification and global standards. We look forward to bringing decades of experience to this space to enhance trust and work with the broader industry and governments to enable further innovation
Aptos representatives highlighted that the new program will be useful for a number of real-world use cases, including the likes of tickets, digital identity, lotteries and so on.
Ava Labs, Polygon Labs and the Solana Foundation will also team up with Mastercard within the framework of this program.
Mastercard bets big on crypto integrations in 2023
The program's pilot phase kicks off: The testing of Mastercard Crypto Credential will start from the framework of cross-border money remittances 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 creators.
This integration helped introduce a new cohort of Web3 artists to the global NFT community.