Mastercard Launches Web3 Solutions For Verification Of Cryptocurrency Users

Mastercard, global financial services giant, has launched a new Web3 solution. (photo: dock. pexels)

JAKARTA - Mastercard, a global financial services giant, has launched a new Web3 solution aimed at improving user verification standards and "reducing opportunities for malicious actors" in the digital asset space. The solution, announced on April 29, is named "Mastercard Crypto Creditial."

In the video explanation included, the company explains that it "Builds a way for Web3 service providers and blockchains to help secure transactions between users, verified according to the standards set by Mastercard."

As part of the solution, users will be given the "unique Mastercard crypto credentials," which in theory allows people to quickly verify that the addresses they want to send to them have been validated by Mastercard and have been operating according to company standards.

"This solution is also designed to support compliance through important metadata exchanges needed to comply with regulations," Mastercard said, quoted by Cointelegraph. they added that this should help "reduce opportunities for evil actors and the risk of funds being lost forever."

Therefore, even if the bad guys manage to get past security and get unique identification, the Mastercard can immediately revoke their verification if they are found to be carrying out malicious activities.

The company named a number of partners behind this solution. On the wallet side, Mastercard has collaborated with crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold. In terms of blockchain, the company has partnered with Aptos, Avalanche, Polygon, and Solana.

Mastercard also explained that they will "access a suite of CipherTrace services - including the CipherTrace Traveler - to help verify addresses and support compliance of Travel Rules for cross-border transactions."

Mastercard has continued to increase their exposure in the crypto sector over the past two years. This latest announcement comes just weeks after they launched an NFT gated musicians accelerator program in collaboration with Polygon.

The program offers free access (until the end of April) to materials, unique artificial intelligence tools, and other experiences to NFT Mastercard Music Pass holders.

Mastercard's Concurrent Pes Visa also made a crypto move earlier this week after Cuy Sheffield, the company's head of crypto, announced a new project focused on stablecoin payments.

Although the details are still small at this stage, Sheffield shared job offerings for the role, which notes that the company is "Building the next generation of products to facilitate trading in everyone's digital and cellular life." The company is looking for someone with a strong experience in Web3 and blockchain technology.