Mastercard has launched yet another solution related to the cryptocurrency market, the novelty is called Mastercard Crypto and can identify who uses public blockchain networks.
The product includes a set of common standards and infrastructure that will help verify interaction between consumers and businesses using blockchain networks.
The Mastercard Crypto Credential provides a foundation for financial institutions, governments, brands and crypto players, ensuring that those interested in interacting in web3 environments adhere to defined standards for the types of activities they wish to engage in.
“Establishing trusted ecosystems is nothing new for Mastercard,” executive says when presenting a new solution related to the cryptocurrency market
There are multiple use cases that the Mastercard Crypto Credential can unlock, as consumer verification types vary widely based on market and compliance requirements.
The Mastercard Crypto Credential not only defines the verification levels, but also provides the necessary technology to bring more use cases to life. Some of the ways the Mastercard Crypto Credential works:
- Provide simple, easy-to-remember aliases to help consumers share wallet addresses with each other, improving the consumer experience and reducing the likelihood of errors;
- Bringing more complex information to blockchain transactions through metadata, helping define criteria for a wallet to ensure transactions are completed as intended;
- Leverage CipherTrace’s suite of services to verify addresses and support compliance with travel regulations for international transactions.
According to Raj Dhamodharan, Executive Vice President of Blockchain and Digital Currencies at Mastercard, the company wants to help build trusted ecosystems.
“Establishing and scaling trusted ecosystems to enable commerce is nothing new to Mastercard. We’ve been doing this for years in payments, breakthrough innovations in identity verification, and global standards. We look forward to bringing decades of experience to this space to build trust and partner with industry and governments at large to bring more innovation.”
Brokers and cryptocurrencies support novelty, one from Brazil participates in the implementation
Lirium, Bit2Me, Mercado Bitcoin and Uphold are the first partners to join Mastercard on this journey and are working on an initial project to enable transfers between brokers in the United States and Latin America and the Caribbean.
Mastercard is also partnering with public blockchain network organizations Aptos Labs, Ava Labs, Polygon and The Solana Foundation, which will help bring the Mastercard Crypto Credential to application developers in their ecosystems. Together, Mastercard and these partners will work together to improve the verification of NFTs, ticketing, business and other payment solutions.
According to Walter Pimenta, Mastercard’s Executive Vice President of Products and Engineering for Latin America and the Caribbean, the region continues to be one of the regions with the greatest adoption of new technologies.
“The Latin America and Caribbean region is among the top regions for digital asset adoption and remittances that use digital assets as a means of exchanging value. Mastercard Crypto Credential can help address key challenges that have traditionally hindered the mainstream adoption of these types of use cases, driving more industry players to meaningfully join this space.”
Mastercard has been involved in several cryptocurrency companies over the past few years and is growing in the market by providing new solutions.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
