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Mastercard Crypto Credential to Boost Trust in Blockchain

The first use case trial of the Mastercard Crypto Credential solution will enable blockchain transfers between U.S. and LAC

Mastercard Crypto Credential blockchain

Image: pixabay.com

Mastercard launched Mastercard Crypto Credential suite of standards and verification infrastructure for blockchain networks.

The Crypto Credential set aims to become a basic trusted source of defined standards for financial institutions, governments, brands, and crypto players interested in interacting across Web3 environments. The company wants to enhance trust in blockchain technology and work with the broader industry and governments to enable further innovation.

Mastercard Crypto Credential targets various types of consumer verification based on market and compliance requirements. The main use cases include:

  • help consumers share wallet addresses with one another, improving the consumer experience and reducing error potential;
  • improving blockchain transactions with metadata, helping to define information-sharing criteria for a wallet;
  • tapping into CipherTrace’s suite of services to help verify addresses and support Travel Rule compliance for cross-border transactions.

The industry players that have joined Mastercard in this initiative are Lirium, Bit2Me, Mercado Bitcoin, Uphold, Aptos Labs, Ava Labs, Polygon and the Solana Foundation. Their first joint project will enable transfers between U.S. and Latin America and the Caribbean which is among the regions with the highest digital assets adoption and remittances leveraging digital assets.

Besides, Mastercard and these partners will collaborate on enhanced verification in NFTs, ticketing, enterprise and other payment solutions.

Earlier this year, Mastercard collaborated with the Australian stablecoin platform Stables to allow retail customers in the APAC region to spend their stablecoins.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.