New Delhi: Mastercard has introduced a new feature called the “Mastercard Crypto Credential” to enhance user verification standards and reduce the risk of bad actors in digital assets. This move towards Web3.0 and blockchain service providers is aimed at securing transactions between users and ensuring compliance with regulations.
According to Cointelegraph, Mastercard has developed a unique identifier that will be provided to users as a “Mastercard crypto credential” to verify address verification done by Mastercard and ensure it meets the company’s standards before transferring funds. The new feature will also support compliance through the exchange of essential metadata.
To support this initiative, Mastercard has partnered with crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold on the wallet side. For blockchains, Mastercard has teamed up with Aptos, Avalanche, Polygon, and Solana. The company also plans to work with CipherTrace’s suite of services, including CipherTrace Traveler, to verify addresses and ensure Travel Rule compliance for cross-border transactions.
This initiative is a significant step towards ensuring the safety and security of digital assets by providing a standardized approach to user verification. It is also in line with Mastercard’s commitment to driving innovation and growth in the digital asset industry. With the increasing popularity of digital assets, it is essential to have robust security measures in place to prevent fraud and ensure compliance with regulations.
This move by Mastercard is expected to increase confidence in the use of digital assets, making it more accessible to the wider public. It is also likely to pave the way for more traditional financial institutions to enter the digital asset market, further legitimizing the use of cryptocurrencies and other digital assets.
In conclusion, Mastercard’s new Web3.0 feature, the “Mastercard Crypto Credential,” is a significant step towards ensuring the safety and security of digital assets. The new feature is expected to enhance user verification standards and reduce the risk of bad actors in the digital asset space. Mastercard’s partnerships with various crypto wallet providers and blockchains further reinforce its commitment to driving innovation and growth in the digital asset industry. Overall, this move is expected to increase confidence in the use of digital assets and pave the way for more traditional financial institutions to enter the market.
