MasterCard launching crypto credential solution system to cub scamming
Recent reports indicate that Mastercard unveiled a web3 solution called Mastercard Crypto Credentials to curb online scamming in the blockchain space. The reports arose in late April in a tweet.
MasterCard invests in Cybersecurity
Mastercard accompanied its Twitter message with a video, which stated: “building a way for Web3 and blockchain service providers to help secure transactions between users, verified according to standards set by Mastercard.”
Customers will be given the Mastercard crypto identifier to help users verify if the funds sent go to a MasterCard-verified address.
This solution helps facilitate the compliance of everyone within their umbrella. Reports indicate that the platform plans to exchange necessary metadata for adhering to regulations continually.
Further reports show that if, at some point, a person with a verified identifier involves themselves in a crime, Mastercard will revoke the verification. Based on reports, the new MasterCard crypto credentials system is bolstering the verification standards, making it hard for scammers to get their way in crypto.
In their mission to bring the new service, MasterCard collaborated with some top networks. Among them include Bit2Me, Mercado Bitcoin, Lirium, and Uphold, companies mostly focusing on offering crypto wallet solutions.
Furthermore, the report notes that the company collaborates with other top networks to enable it to touch on blockchain tech. The blockchain, tech-focused collaborations include Polygon Labs, The Solana Foundation, Aptos Labs, and Ava Labs.
Even more, Mastercard noted that the efficiency of their services will help them tap “into CipherTrace’s suite of services — including CipherTrace Traveler.” Interestingly, by tapping into Cipher’s Traces, Mastercard will be able to help foster compliance in cross-border transactions.
Mastercard in web3
In recent months, Mastercard has looked set to go deeper into the crypto landscape. It recently launched an NFT-gated musician accelerator program while collaborating with Polygon.
Moreover, recently Mastercard announced the inception of a limited edition NFT called Mastercard Music Pass. This NFT collection would act as a key to the accelerator program.
In early Feb, MasterCard’s NFT product lead resigned from the company. The reports show that he minted an NFT as his resignation letter.
Other challengers, including Visa, have also been keen on making crypto-oriented steps.