Aptos Labs, the development company behind the L1 blockchain Aptos (APT), will boost the adoption of Mastercard’s products in the cryptocurrency ecosystem as part of a Crypto Credential agreement.
Aptos Labs chosen by Mastercard as Crypto Credential program technical partner
According to a formal declaration made public by the Aptos (APT) team, it has partnered with Mastercard, a major provider of bank cards worldwide. Aptos Labs joins Crypto Credential, a Mastercard endeavour including many products.
The new initiative aims to lower trust thresholds for crypto-to-fiat conversion and transfer platforms. It will first concentrate on ID management, identification authentication, and security technologies.
The leader of Mastercard’s blockchain and digital assets division, Raj Dhamodharan, emphasises the significance of this initiative for securing the widespread adoption of cryptocurrencies:
Mastercard has experience building and expanding trustworthy ecosystems to facilitate trade. We’ve been doing this in the payments industry for years by leading innovation in identity verification and international standards. We anticipate contributing decades of knowledge to this area to increase confidence and collaborate with other businesses and governments to foster more innovation.
The new programme will be helpful for a variety of real-world use cases, such as tickets, digital identification, lotteries, and more, according to Aptos executives.
Mastercard will collaborate with Ava Labs, Polygon Labs, and the Solana Foundation as part of this programme.
Mastercard bets big on crypto integrations in 2023
Launch of the program’s pilot phase: The Mastercard Crypto Credential testing will begin within the scope of cross-border money transfers between the United States and nations in Latin America and the Caribbean.
Card industry behemoth Mastercard already has a partnership with Polygon (MATIC), the biggest EVM-compatible blockchain, from earlier this year. The two groups will work together to develop a Web3 incubator for digital artists.
Through this integration, the global NFT community was introduced to a fresh group of Web3 artists.
