Mastercard’s Web3 Verification Solution: A Game-Changer in Combating Bad Actors

Mastercard Launches Web3 Verification Solution to Enhance User Security

Mastercard, the global financial services company, has launched a new Web3 solution aimed at enhancing user verification standards and reducing bad actors’ opportunities in the digital asset space. The solution is called the “Mastercard Crypto Credential,” which revolves around providing secure transactions between users, verified according to the company’s standards.

How the Mastercard Crypto Credential Works

As part of the solution, users will be issued a unique identifier called “Mastercard crypto credential,” enabling people to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. Additionally, the solution supports compliance through the exchange of essential metadata required to meet regulations, reducing the opportunities for bad actors and the risk of funds being lost for good. If bad actors slip through the cracks and obtain a unique identifier, Mastercard can quickly revoke their verification if they engage in nefarious activities. The company has partnered with a list of crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold, as well as blockchain providers like Aptos, Avalanche, Polygon, and Solana to provide secure transactions. Mastercard will also use CipherTrace’s suite of services, including CipherTrace Traveler, to verify addresses and support Travel Rule compliance for cross-border transactions.

Mastercard’s Expansion in the Crypto Sector

Mastercard has been expanding its exposure to the crypto sector over the past few years. This latest announcement comes a few weeks after launching a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon. The program offers free access to materials, unique artificial intelligence (AI) tools, and other experiences to holders of Mastercard’s Music Pass NFT. Visa, Mastercard’s competitor, has also made a move in the crypto space by announcing a new stablecoin payments-focused project. The company is on the lookout for someone with strong experience in Web3 and blockchain tech. In conclusion, Mastercard’s new Web3 solution, the “Mastercard Crypto Credential,” enhances user verification standards, reduces the opportunities for bad actors, and supports compliance through metadata exchange. It offers secure transactions and provides a unique identifier for users to instantly verify compliance with Mastercard’s standards. The company’s expansion in the crypto sector shows its commitment to improving user security and fostering innovation in the digital asset space.