Global financial services giant Mastercard has launched a new Web3 solution aimed at improving user verification standards and "reducing opportunities for bad actors" in the digital asset space.
The solution Announced on April 29 it is called the "Mastercard Crypto Credential".
In an accompanying explainer video shared on Twitter, the firm highlighted that it is "building a way for Web3 and blockchain service providers to help secure transactions between users, verified according to the standards set by Mastercard."
In #Consensus23, we announce how we are instilling trust in the blockchain ecosystem through the Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MarketBitcoin and @KeepInc and public blockchain network organizations @AptosLabs,โฆ pic.twitter.com/P33mtDVAas
โ Mastercard News (@MastercardNews) April 28, 2023
As part of the solution, users will be issued a "Mastercard Crypto Credential Unique Identifier," which theoretically allows people to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in accordance with the firm's standards.
โThe solution is also designed to support compliance through the sharing of essential metadata, necessary to comply with regulations,โ Mastercard said, adding that it should help โreduce opportunities for bad actors and the risk that funds be lost forever."
As such, even if bad actors get away and obtain a unique identifier, Mastercard can move quickly to revoke their verification if they are found to have engaged in nefarious activities.
The firm 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.
Related: Bybit will introduce mandatory KYC requirements from May 8
Mastercard also noted that it will "leverage CipherTrace's suite of services, including CipherTrace Traveler, to help verify addresses and support Travel Rule compliance for cross-border transactions."
Mastercard has been continually increasing your exposure to the crypto sector during the last two years. The latest announcement comes just weeks after it launched a non-fungible token (NFT) musician accelerator program closed in collaboration with Polรญgono.
The program offers free access (through the end of April) to materials, unique artificial intelligence (AI) tools and other experiences to Mastercard's Music Pass NFT holders.
Mastercard competitor Visa also made a crypto move earlier this week after Cuy Sheffield, the firm's head of crypto, took to Twitter on April 24 to announce a new Focused on stablecoin payments project.
While details are scarce at this stage, Sheffield shared a job listing for the position, noting that the company is "building the next generation of products to make commerce easier in everyone's digital and mobile lives." The company is looking for someone with strong experience in Web3 and blockchain technology.
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