Mastercard introduces Web3 user verification to determine criminals
“secure transactions between users, verified according to standards” is the focus of Mastercard’s new solution.
Aimed at improving user verification standards and “reducing the opportunities for bad actors” in the digital asset area, Mastercard, a global leader in financial services, has released a new Web3 solution.
Presented on April 29th, this answer is known as the “Mastercard Crypto Credential.” A video explaining the company’s plans was posted on Twitter, in which it claimed to be “building a way for Web3 and blockchain service providers to help secure transactions between users, verified according to standards set by Mastercard.”
As part of the solution, consumers will be given a “Mastercard crypto credential unique identifier,” which should allow them to quickly check whether the address they’re sending money to has been approved by Mastercard and is in conformity with the company’s requirements before sending any money there.
Consequently, even if bad actors manage to get their hands on a unique identifier, Mastercard can swiftly revoke their verification if they are found to have engaged in criminal activity.
The company credited a vast variety of collaborators for the development of the product. Mastercard has partnered with the digital currency wallet services Bit2Me, Lirium, Mercado Bitcoin, and Uphold.
The company has alliances with Aptos, Avalanche, Polygon, and Solana, all blockchain companies. In addition, Mastercard said that it will “leverage CipherTrace’s suite of services, including CipherTrace Traveller, to assist with address verification and support Travel Rule compliance for international transactions.”
Over the past couple of years, Mastercard’s involvement in the cryptocurrency industry has grown substantially. The current development follows the introduction of an NFT-gated musician accelerator program in partnership with Polygon only a few weeks ago.
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