Based on this verse, it is claimed by the Papacy that-*Peter was the Rock of which the Church was built upon
*That Peter was given the keys to the Kingdom
*And that Peter and his successors had the power to bind and loose...
And Simon Peter answered and said,
Thou art the Christ,
the Son of the living God.
And Jesus answered and said unto him,
Blessed art thou, Simon Barjona:
for flesh and blood hath not revealed it unto thee,
but my Father which is in heaven.
And I say also unto thee,
That thou art Peter,
and upon this rock I will build my church;
and the gates of hell shall not prevail against it.
And I will give unto thee the keys of the kingdom of heaven:
and whatsoever thou shalt bind on earth shall be bound in heaven:
and whatsoever thou shalt loose on earth shall be loosed in heaven.
Matthew 16:16-19