Mastercard Launches New Web3 Solution to Improve Trust in Blockchain Transactions
US payment giant Mastercard has recently launched a new Web3 solution, the ‘Mastercard Crypto Credential’, aimed at bringing more trust to blockchain transactions. The offering seeks to establish a set of common standards and infrastructure that will “help attest to trusted interactions among consumers and businesses using blockchain networks.”
Mastercard Crypto Credential
In a blog post published on April 28th, Mastercard highlighted the importance of trusted, compliant, and verifiable interactions taking place on public blockchain networks. The Mastercard Crypto Credential has been designed to ensure that those interested in interacting across Web3 meet defined standards while engaging in any type of activity. The new offering will define verification standards and levels, as well as provide the necessary enabling technology to target more use cases. The focus will also be on providing easy-to-remember aliases to help consumers share wallet addresses with one another, improving the consumer experience, and reducing the potential for errors. The Mastercard Crypto Credential will also bring richer information to blockchain transactions through metadata and define the attributes of a wallet to help ensure that transactions are completed as intended. CipherTrace’s suite of services has also been used to verify addresses and support Travel Rule compliance for cross-border transactions. Mastercard has partnered with several prominent blockchain entities, including Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation. These partners will assist in bringing the Mastercard Crypto Credential to the application developers in their ecosystems. The collaboration aims to enhance verification in NFTs, ticketing, enterprise, and other payment solutions.
Mastercard’s Web3 Exposure
Mastercard has been involved in several initiatives in the Web3 space, demonstrating its commitment to this emerging technology. Last October, it launched a program to help traditional financial institutions offer cryptocurrency trading to their clients. The payments firm also teamed up with Binance to roll out crypto prepaid cards in Brazil. More recently, Mastercard outlined its plans to release NFT to help Web3 musicians access resources to boost their careers. With the launch of the Mastercard Crypto Credential, the company is taking another step towards solidifying its foothold in the Web3 space.
