The company behind layer-1 blockchain Aptos (APT) is working with payments giant Mastercard to improve trust in on-chain financial transactions.
Aptos Labs says it is part of the team behind Mastercard Crypto Credential, a framework that aims to establish common standards for attesting interactions on blockchain networks.
The use cases of the new framework include remittance and payment solutions, according to an announcement.
“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!
Aptos Labs also lays out its role in building the framework following the kick-off of the pilot project involving remittances between the US, Latin America and Caribbean countries.
“As a Mastercard Crypto Credential partner, 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 expand the utility of identity-oriented Web3 solutions to use cases like NFTs, ticketing, enterprise, and more – so stay tuned!”
Mastercard says it launched the initiative to address security and compliance issues hounding blockchain-based transactions.
“We can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.”
Besides Aptos, the credit card company is also collaborating with the creators of Ethereum (ETH) rivals Solana (SOL), Polygon (MATIC) and Avalanche (AVAX). The Solana Foundation, Polygon Labs and Ava Labs will also take part in the initiative.
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Featured Image: Shutterstock/Mia Stendal