Mastercard, a global payments technology company, has unveiled its latest solution for the Web3 ecosystem called the “Mastercard Crypto Credential.” This innovative offering is designed to enhance user verification standards within the digital asset space. By providing users with a unique identifier, Mastercard aims to verify that an address has undergone the company’s vetting process and operates in accordance with its compliance standards. The primary objective of this solution is to mitigate the risks associated with bad actors and prevent fund loss in the crypto industry.
The Mastercard Crypto Credential solution also facilitates compliance by enabling the exchange of metadata necessary to meet regulatory requirements. In the event that bad actors obtain a unique identifier, Mastercard can swiftly revoke their verification status if any illicit activities are detected. This approach significantly reduces opportunities for bad actors to exploit the system and ensures adherence to regulations.
To enforce enhanced verification standards, Mastercard will issue the Mastercard Crypto Credential to users. The company has forged partnerships with prominent crypto wallet providers like Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Additionally, collaborations with blockchain platforms such as Aptos, Avalanche, Polygon, and Solana have been announced, further solidifying Mastercard’s commitment to the Web3 space.
To support address verification and compliance with the Travel Rule for cross-border transactions, Mastercard will leverage CipherTrace’s suite of services, including CipherTrace Traveler. This integration enhances the security and transparency of transactions within the crypto ecosystem.
Mastercard has been actively expanding its involvement in the crypto industry in recent years. The company recently launched a musician accelerator program centered around non-fungible tokens (NFTs) in collaboration with Polygon. Through this program, holders of Mastercard’s Music Pass NFT gain access to exclusive materials, unique artificial intelligence (AI) tools, and other immersive experiences.
