Aptos Labs, the company that built the blockchain, Aptos (APT), has partnered with payments giant, Mastercard, to improve trust in financial transactions within the chain.
According to an official update from Aptos Labs, it is part of the team behind the ‘Mastercard Crypto Credential’, a framework that aims to establish common standards for authenticating interactions on blockchain networks.
Use cases for the new framework include solutions involving remittances and payments.
“The future of identity is Web3 and Aptos Labs is partnering with Mastercard to make this future a reality with the “Mastercard Crypto Credential”, an in-chain identity and verification framework with diverse applications in payments, remittances, ticketing and NFT!”
The role of Aptos
Aptos Labs is also defining its role in building the framework following the launch of the pilot project, which includes remittances between the US, Latin America and Caribbean countries.
“As a partner of the “Mastercard Crypto Credential”, Aptos Labs will support the infrastructure for identity, security, trust and verification tools that enable the free flow of funds between individuals and across borders.
Beyond payments, our partnership with Mastercard will continue to extend the utility of identity-oriented Web3 solutions to use cases such as NFT, ticketing, enterprise and more. Stay tuned!”
Mastercard’s goals and other partners
For its part, Mastercard said it launched this initiative with the aim of addressing the security and compliance issues of blockchain-based transactions:
“We can ensure that those interested in interacting in a Web3 environment meet defined standards for the types of activities they would like to pursue.”
In addition to Aptos, Mastercard is also partnering with Solana (SOL), Polygon (MATIC) and Avalanche (AVAX). The Solana Foundation, Polygon Labs and Ava Labs will also participate in this initiative.
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