Business News Report
May 01, 2023

Mastercard Introduces Crypto User Verification Tool “Mastercard Crypto Credential”

In Brief

Mastercard announces its crypto-related security initiative, dubbed “Mastercard Crypto Credential.”

The program aims to reduce the opportunities for bad actors by enhancing user verification standards.

Mastercard Introduces a Crypto User Verification Tool, “Mastercard Crypto Credential”

Payment giant Mastercard has announced its new crypto-related security initiative. The digital space is full of scams and bad actors, and Mastercard aims to reduce the opportunities for the latter by enhancing user verification standards.

So, the company has developed “Mastercard Crypto Credential,” which establishes “a set of common standards” to verify users. The tool also features the infrastructure that will help reveal trusted interactions among businesses and customers. Generally speaking, Mastercard Crypto Credential will secure transactions between verified users.

Business and consumer verification vary depending on the market and compliance regulations. So, Mastercard is currently working on the development of several use cases that can be enabled by technology. First, the organization plans to offer consumers easy-to-remember nicknames to help them share wallet addresses. Mastercard wants to serve richer information about blockchain transactions through metadata. More than that, the company collaborates with CipherTrace to assist in address verification in case of cross-border transactions. 

According to the official announcement, Mastercard has partnered with several companies to develop the initiative. The payment leader tapped crypto wallet providers Librium, Uphold, Bit2Me, and Mercado Bitcoin. Among the blockchain companies participating in the program are The Solana Foundation, Polygon Labs, Aptos Labs, and Avalanche. The organizations will reportedly help Mastercard enhance verification in ticketing, non-fungible tokens, enterprise, and other payment solutions

Notably, this is not the company’s first crypto-related initiative. In January, Mastercard and Polygon announced the launch of a web3 music-themed artist accelerator. Following this, the companies issued limited-edition Mastercard Music Pass NFTs, which give holders access to exclusive educational materials, AI music tools, as well as physical and digital experiences. 

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About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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