To improve user verification standards and “reduce the opportunities for bad actors” in the digital asset area, Mastercard, a global leader in financial services, has released a new Web3 solution.
“Mastercard Crypto Credential” is the name of the solution, and its rollout was revealed on April 29.
Explainer video about the company’s work on blockchain and Web3 was published on Twitter, where it was described as “creating a way for Web3 and blockchain service providers to help secure transactions between users, verified by Mastercard standards.”
As part of the solution, consumers will be given a “Mastercard crypto credential unique identifier,” which should allow them to instantly check if the address they’re sending money to has been approved by Mastercard and is following the company’s guidelines.
As Mastercard puts it, “The solution is also designed to support compliance through the exchange of essential metadata, required to meet regulations,” Mastercard stated, adding that it should help “
Thus, it appears that Mastercard can swiftly revoke the verification of a bad actor who manages to slip through the cracks and obtain a unique identifier if their illegal activity is discovered.
Increasing Mastercard cryptocurrency investments
The company listed numerous collaborators who helped develop this answer. Mastercard has established relationships with Bit2Me, Lirium, Mercado Bitcoin, and Uphold, all of which offer cryptocurrency wallet services.
Partnerships have been established with Aptos Labs (Aptos), Ava Labs (Avalanche), Polygon Labs (Polygon), and The Solana Foundation (Solana) about blockchain technology.
It was also announced that “tapping into CipherTrace’s suite of services — including CipherTrace Traveler — to help verify addresses and support Travel Rule compliance for cross-border transactions.”
Over the past few years, Mastercard has gradually increased its involvement in the cryptocurrency industry. This latest announcement follows closely on the heels of Mastercard and Polygon’s launch of a nonfungible token (NFT) gated musician accelerator program.
Until the month of April is over, cardholders of Mastercard’s Music Pass NFT have unrestricted access to a variety of resources, including exclusive artificial intelligence (AI) tools and experiences.
On April 24, the head of crypto for Visa, a competitor of Mastercard, took to Twitter to announce the launch of a new stablecoin payments-focused initiative.
This position is being advertised by Sheffield, who claims to be “building the next generation of products to facilitate commerce in everyone’s digital and mobile lives.” Candidates with in-depth familiarity with Web3 and blockchain technology are of particular interest to the organization.
Content Source: cointelegraph.com
Cover Image Source: thedrum.com