MASTERCARD on Friday announced the introduction of Mastercard Crypto Credential, a set of common standards and infrastructure that will help verify interactions among consumers and businesses using blockchain networks. Mastercard Crypto Credential aims to provide a foundation for financial institutions, governments, brands, and crypto players, ensuring that those interested in interacting across web3 environments are meeting defined standards for the types of activities they’d like to pursue. Web3 incorporates concepts such as decentralisation, blockchain technologies, and token-based economics.

“Setting up and scaling trusted ecosystems to enable commerce is not new to Mastercard,” said Raj Dhamodharan, executive vice-president, blockchain and digital currencies, at 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.”

https://www.jamaicaobserver.com/business/mastercard-launches-crypto-credential-bringing-more-trust-to-blockchain-ecosystem/