Mastercard’s new Web3 solution, the “Mastercard Crypto Credential,” has been launched to address the increasing need for enhanced user verification standards in the digital asset space.
Mastercard, one of the world’s leading global financial services giants, has recently launched a new Web3 solution aimed at enhancing user verification standards and reducing the opportunities for bad actors in the digital asset space. The solution, called the “Mastercard Crypto Credential”, offers secure transactions between users that are verified according to the set standards of Mastercard.
As part of the solution, users are issued a unique identifier known as the “Mastercard crypto credential”. This identifier enables people to instantly verify that an address they want to send funds to has been vetted by Mastercard and is operating in compliance with the company’s standards. The solution is also designed to support compliance through the exchange of essential metadata, which is required to meet regulations.
In addition, the Mastercard Crypto Credential aims to reduce the opportunities for bad actors and the risk of funds being lost for good. Even if bad actors slip through the cracks and obtain a unique identifier, Mastercard can move quickly to revoke their verification if they have been found to have engaged in nefarious activity.
The “Mastercard Crypto Credential” solution represents the culmination of Mastercard’s efforts to increase its involvement in the crypto sector over the past couple of years. To bring this solution to fruition, Mastercard has teamed up with several top-tier crypto wallet providers, including Bit2Me, Lirium, Mercado Bitcoin, and Uphold.
In addition, Mastercard has partnered with Aptos, Avalanche, Polygon, and Solana to bolster its blockchain capabilities and is utilizing CipherTrace’s suite of services, including CipherTrace Traveler, to ensure address verification and support Travel Rule compliance for cross-border transactions. With these strategic partnerships and cutting-edge technology, Mastercard is well-positioned to help facilitate secure transactions between users and reduce the risk of bad actors in the digital asset space.
The Mastercard Crypto Credential solution is part of Mastercard’s broader strategy to help individuals and businesses navigate the evolving digital asset landscape. With the rise of digital assets and the growing interest in blockchain technology, Mastercard has been actively looking for ways to provide secure and reliable solutions to its users. The launch of the Mastercard Crypto Credential is another step in this direction, and it is expected to pave the way for more innovative solutions in the future.