Mastercard Launches Web3 Crypto Solution
Luisa Crawford May 01, 2023 07:54
Mastercard has launched a Web3 solution called the "Mastercard Crypto Credential" aimed at improving user verification standards in the digital asset space. The solution offers users a unique identifier, helping them to verify that an address has been vetted by Mastercard and operating in compliance with the firm's standards. Partnerships with crypto wallet providers and blockchains were also announced.
Mastercard has launched a new Web3 solution called the "Mastercard Crypto Credential," which aims to enhance user verification standards in the digital asset space. The solution provides users with a unique identifier, which can help verify that an address has been vetted by Mastercard and is operating in compliance with the firm's standards. This new offering aims to reduce the risk of bad actors and the loss of funds in the space.
The solution will also support compliance through the exchange of metadata required to meet regulations. Even if bad actors manage to obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The solution aims to reduce opportunities for bad actors and ensure compliance with regulations.
The Mastercard Crypto Credential will be issued to users to enhance verification standards set by the company. As part of the solution, Mastercard has partnered with various crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Additionally, partnerships with blockchain platforms like Aptos, Avalanche, Polygon, and Solana were also announced.
CipherTrace's suite of services, including CipherTrace Traveler, will also be used to verify addresses and support Travel Rule compliance for cross-border transactions. Mastercard has been increasingly involved in the crypto sector over the past few years. The company recently 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's competitor, Visa, has also made a crypto move with its head of crypto, Cuy Sheffield, announcing a new stablecoin payments-focused project via Twitter. The company is currently searching for a candidate with experience in Web3 and blockchain tech to work on this project.
In conclusion, Mastercard's new Web3 solution called the "Mastercard Crypto Credential" aims to provide a secure way for Web3 and blockchain service providers to help secure transactions between users. The solution offers a unique identifier to users that verifies an address has been vetted by Mastercard and has been operating in compliance with the firm's standards. The company has partnered with various crypto wallet providers and blockchain platforms and will be using CipherTrace's suite of services to ensure compliance with regulations. This latest move by Mastercard shows the company's increasing involvement and investment in the crypto sector.
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