Mastercard has unveiled its latest endeavor, the Crypto Credential, aimed at fostering trusted and verifiable interactions between consumers and businesses on public blockchain networks. This initiative seeks to bring credibility and standardization to the rapidly evolving blockchain industry.
At #Consensus23, we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs,… pic.twitter.com/P33mtDVAas
— Mastercard News (@MastercardNews) April 28, 2023
Enhancing Consumer Experience
One key advantage of the Crypto Credential service is its ability to generate user-friendly aliases for sharing wallet addresses. This feature streamlines the consumer experience while minimizing the likelihood of errors. The Crypto Credential also adds value to blockchain transactions by incorporating metadata, which helps define wallet attributes and ensures transactions are carried out as intended.
Collaborating with Industry Partners for Compliance and Integration
To guarantee address verification and adherence to the Travel Rule for cross-border transactions, Mastercard will be leveraging CipherTrace’s suite of services. The payment giant has teamed up with crypto wallet providers Bit2Me, Mercado Bitcoin, Lirium, and Uphold, allowing for seamless transfers between the U.S and Latin America and the Caribbean regions.
Moreover, Mastercard has partnered with public blockchain network organizations The Solana Foundation, Ava Labs, Polygon, and Aptos Labs. Together, they will work to enhance verification in various sectors, including NFTs, ticketing, enterprise, and payment solutions.
Mastercard is a longtime leader in creating accessible and trusted financial services. To enhance verification capabilities in a way that brings blockchain use cases to mass markets, they #ChoseAvalanche as a partner network for their new endeavor, Mastercard Crypto Credential. https://t.co/Gv8blAe9Ui
— Avalanche 🔺 (@avax) April 28, 2023
Mastercard’s Growing Presence in the Crypto Space
This development is the latest in a series of cryptocurrency-related ventures from Mastercard, which has been a proactive participant in the crypto space. In October, the company unveiled Crypto Secure, a service desk dedicated to helping banks detect and prevent fraud on crypto merchant platforms. Shortly after, they launched Crypto Source, a program enabling financial institutions to offer secure crypto trading services to customers.
Earlier this year, Mastercard collaborated with Polygon to initiate the Web3-based Mastercard Artist Accelerator program, designed to support emerging artists and facilitate connections with fans in the Web3 domain. With the introduction of Crypto Credential, Mastercard continues to establish itself as a key player in the blockchain and cryptocurrency industries, providing reliable infrastructure and setting new standards for Web3 interactions.