Global payments firm Mastercard has teamed up with several crypto firms and wallets to launch a verification tool for their users. Aimed at boosting security in blockchain-related transactions, the new verification tool, Mastercard Crypto Credential, would be used to work towards establishing trusted links between consumers and businesses in the crypto industry.
“With Mastercard Crypto Credential, we can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue. Mastercard Crypto Credential will not only define verification standards and levels, but also provide necessary enabling technology to help bring more use cases to life," said Mastercard in a post.
It will identify genuine users and assist in the detection of dubious participants operating in the area by acting as an intermediary between users and crypto firms.
Each user using their crypto services will receive a distinct alias from the verification tool to help share their wallet IDs or addresses.
Additionally, it will use metadata to improve the information in blockchain transactions and make sure that transactions are completed with the proper wallet attributes.
The crypto firm CipherTrace’s services will be used, particularly the CipherTrace Traveler, for verification of addresses.
Through crypto wallets like Uphold, Mercado Bitcoin, Lirium, and Bit2Me, Mastercard has worked with a number of partners to establish the Mastercard Crypto Credential.
To establish connections across the US, Latin America, and the Caribbean, these wallet providers would be directly collaborating with Mastercard.
The Solana Foundation, Polygon Labs, Aptos Labs, and Ava Labs are some examples of blockchain network partners that are partnering with Mastercard to help integrate the functionality into developer ecosystems.
According to Mastercard, the verification tool would be helpful in a variety of options, including NFTs, enterprise, payments solutions, and ticketing.
Mastercard also mentioned their continued association with crypto firms and the industry to drive security in ecosystems. The company aims to use its long experience to increase trust in the blockchain sector and collaboratively work with governments and industry.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
First Published: May 02, 2023, 14:29
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