Mastercard Introduces Web3 Solution To Improve User Verification Standards
The solution, which was announced on April 29th, is known as the Mastercard Crypto Credential. The company stated that it is creating a viable method for Web3 and blockchain service providers to help protect transactions between users, which would be verified as per Mastercard standards.
As such, users will be given a unique identifier regarding their Mastercard Crypto Credential, which will reportedly allow them to instantly verify that an address they wish to send money to has been vetted by Mastercard and has been operating in accordance with company standards.
The solution is additionally designed to support compliance via the exchange of essential metadata, which is required to meet regulations, Mastercard explained, before further indicating that this should greatly reduce the possibility of funds being permanently lost.
Even if malicious individuals manage to slip through the cracks to get a unique identifier, Mastercard can swiftly cancel their verification if they are found to be engaging in illegal activity.
The solution was developed in collaboration with a large number of collaborators. Mastercard has already partnered with crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold and has collaborations with Aptos, Avalanche, Polygon, and Solana too. Lastly, Mastercard will also be relying on CipherTrace&39to help verify addresses as well as support Travel Rule compliance for cross-border transactions.
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