Mastercard is teaming with public blockchain developers Aptos Labs, Ava Labs, Polygon and The Solana Foundation on a new set of standards it's dubbing Crypto Credential in an effort to build the trust of consumers, businesses and governments in the sector. 

"Instilling trust in the blockchain ecosystem is a critical step towards realizing its full potential," Mastercard head of crypto and blockchain Raj Dhamodharan said in a statement. "We need a way for trusted, compliant, and verifiable interactions to take place on public blockchain networks."

Mastercard Crypto Credential "will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks," the company said, noting that NFT projects require different verification requirements than those needed to send or receive cryptocurrency.

(by Nathan Crooks)