Global financial services giant, Mastercard, recently launched a new solution dubbed the “Mastercard Crypto Credential” to enhance user verification standards and reduce the opportunities for bad actors in the digital asset space. The solution is designed to support compliance through the exchange of essential metadata, required to meet regulations, and it helps reduce the opportunities for bad actors and the risk of funds being lost for good.
The Mastercard Crypto Credential aims to instill trust in the blockchain ecosystem by providing secure transactions between users verified according to standards set by Mastercard.
Mastercard Crypto Credential Unique Identifier for Users
As part of the solution, users will be issued a “Mastercard crypto credential unique identifier,” which enables people to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The solution is also designed to support compliance through the exchange of essential metadata required to meet regulations. Mastercard can move quickly to revoke their verification if they have been found to have engaged in nefarious activity.
The unique identifier issued by Mastercard is an important step towards enhancing user verification standards in the digital asset space. By issuing a unique identifier, Mastercard aims to provide a secure and reliable way for users to verify the authenticity of the address they want to send funds to. This is particularly important in the blockchain space where transactions are irreversible and there is a high risk of fraud and theft.
The exchange of essential metadata required to meet regulations is also crucial for ensuring compliance and reducing the risk of bad actors. With the ability to revoke verification quickly, Mastercard is sending a strong message to users that it is committed to ensuring the safety and security of the blockchain ecosystem.
Partnerships with Wallet Providers and Public Blockchain Network Organizations
Mastercard named a long list of partners behind the solution. On the wallet side, Mastercard has partnered with crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold. In terms of blockchains, the firm has partnered with Aptos, Avalanche, Polygon, and Solana. Mastercard is tapping into CipherTrace’s suite of services to help verify addresses and support Travel Rule compliance for cross-border transactions. The solution aims to reduce the opportunities for bad actors and the risk of funds being lost for good.
Mastercard has been continually upping its exposure to the crypto sector over the past couple of years. The latest announcement comes just a few weeks after it launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon. The program offers free access to materials, unique artificial intelligence (AI) tools, and other experiences to holders of Mastercard’s Music Pass NFT.
Mastercard competitor Visa also made a crypto move recently after Cuy Sheffield, the firm’s head of crypto, took to Twitter to announce a new stablecoin payments-focused project. The company is building the next generation of products to facilitate commerce in everyone’s digital and mobile lives, and it is on the lookout for someone with strong experience in Web3 and blockchain tech.
Conclusion
The Mastercard Crypto Credential solution is aimed at instilling trust in the blockchain ecosystem by providing secure transactions between users verified according to standards set by Mastercard. It will reduce the opportunities for bad actors and the risk of funds being lost for good. With crypto wallet providers and public blockchain network organizations, Mastercard aims to enhance user verification standards and reduce the opportunities for bad actors in the digital asset space.
Source: https://www.cryptopolitan.com/mastercard-crypto-credential-to-enhance-web3/