Mastercard Crypto Credential: Establishing Trust in the Blockchain Ecosystem
Blockchain technology has seen significant innovations in recent years, contributing to a more scalable and resilient system. However, a lack of proper protections has created vulnerabilities in security and compliance, eroding trust in consumers, businesses, and governments. In response, regulators have worked to establish meaningful regulations for the industry, while central banks and regulated financial institutions have developed a variety of solutions on public chains.
To fully implement these rules and build scalable use cases, we need a way for trusted, compliant, and verifiable interactions to take place on public blockchain networks. Mastercard has taken steps to address this issue with its Crypto Credential, which will establish a set of common standards and infrastructure to attest trusted interactions among consumers and businesses using blockchain networks.
What is Mastercard Crypto Credential?
Mastercard Crypto Credential is a set of common standards and infrastructure that attests trusted interactions among consumers and businesses using blockchain networks. The goal is to 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 provides a way to define verification standards and levels and provide the necessary enabling technology to help bring more use cases to life. This includes providing easy-to-remember, straightforward aliases to help consumers share wallet addresses with one another, bringing richer information to blockchain transactions through metadata, and tapping into CipherTrace’s suite of services to help verify addresses and support Travel Rule compliance for cross-border transactions.
Mastercard’s Web3 Products
Mastercard Crypto Credential can unlock several use cases for consumer and business verification. Other Mastercard Web3 products offer consumers the ability to use crypto from their Web3 wallet to pay for everyday goods and services.
Mastercard has been actively ramping up their involvement in the web3/blockchain space and have been partnering with Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Mastercard is also teaming up with public blockchain networks like Aptos Labs, Ava Labs, Polygon Labs, and Solana Foundation.
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