In order to improve user verification requirements and reduce the opportunities for bad actors in the digital asset area, the leading provider of financial services worldwide, Mastercard, has introduced a new Web3 solution.
Mastercard Announces Launch of Web3 User Verification Solution
“Mastercard Crypto Credential” is the name of the solution that was announced on April 29. The solution was announced in a tweet from the company’s official Twitter account.
The tweet included a video. The video contains the following explanations:
“Building a way for Web3 and blockchain service providers to help secure transactions between users, verified according to standards set by Mastercard.”
The company listed many collaborators who contributed to the solution. It has partnered with Bit2Me, Lirium, Mercado Bitcoin, and Uphold to offer digital wallets on the wallet side. Moreover, the company has collaborated with Aptos, Avalanche, Polygon, and Solana on blockchain projects.
About Solution
Users will be given “Mastercard crypto credential unique identifiers” as part of the solution, which, in theory, enables consumers to instantly confirm that an address they wish to send money to has been approved by Mastercard and has been functioning in accordance with the company’s standards.
According to Mastercard, the solution is also designed to support compliance through the exchange of essential metadata required to meet regulations. It should also “reduce the opportunities for bad actors and the risk of funds being lost for good,” the company added. As a result, even if malicious parties manage to obtain a unique identifier and get away with it, Mastercard can act promptly to revoke their verification if they are discovered to have taken part in illegal behavior.
In order to facilitate address verification and Travel Rule compliance for international transactions, Mastercard also stated that it would be utilizing CipherTrace’s suite of services, including CipherTrace Traveler.
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