Mastercard, a financial services company, has introduced a Web3.0 feature to develop user verification standards and “reducing the opportunities for bad actors” around digital assets, as stated by Cointelegraph.
According to Cointelegraph, on April 29, 2023, the feature was unveiled as “Mastercard Crypto Credential.” It’s believed that Mastercard has developed a way for “building a way for Web3.0 and blockchain service providers to help secure transactions between users, verified according to standards set by Mastercard.”
Based on Cointelegraph’s information, users will be provided with a “Mastercard crypto credential unique identifier,” to enable users to ensure address verification done by Mastercard and has been functional with regard to firm’s standards, to which they intend to transfer funds. “The solution is also designed to support compliance through the exchange of essential metadata, required to meet regulations,” Mastercard stated.
Moreover, Cointelegraph noted that on the wallet side, Mastercard has collaborated with crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin and Uphold. For blockchains, Mastercard has teamed up with Aptos, Avalanche, Polygon and Solana. Sources suggest that Mastercard also intends to be “tapping into CipherTrace’s suite of services — including CipherTrace Traveler — to help verify addresses and support Travel Rule compliance for cross-border transactions.”
(With insights from Cointelegraph)