In partnership with several blockchain networks and exchanges, Mastercard is working on a solution called Crypto Credential. Objective: strengthen the trust in this new ecosystem.
At the conference Consensus Friday, the card payment specialist Mastercard unveiled a new initiative to establish a set of common standards and infrastructure that will “enable the attestation of ‘trusted interactions’ between consumers and businesses using blockchain networks.”
With Mastercard Crypto Credential, we can help ensure that those who want to interact in Web3 environments adhere to the standards defined for the types of activities they wish to pursue. Mastercard Crypto Credential will not only define the standards and verification levels, but also provide the technology to help bring more use cases to life,” the firm wrote in a statement.
As part of this project, Mastercard has partnered with crypto service providers with Bit2Me, Mercado Bitcoin or even Uphold. The American giant is also counting on the publishers of blockchain networks Aptos, Avalanche, Polygon and Solana to provide the solution to application developers from their respective networks.
At #Consensus23, we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs,… pic.twitter.com/P33mtDVAas
– Mastercard News (@MastercardNews) April 28, 2023
Mastercard plunged into the Web3 for several years. In addition to providing payment cards to customers of popular exchange platforms, the company has developed various tools including software that allows banks to prevent fraud in crypto. This month, it announced the drop of the Mastercard Music Pass NFT. The tokens provide access to its Web3 artist gas pedal.
“For example, the Mastercard Music Pass NFTwhich we launched as an extension of the Mastercard Artist Accelerator, requires different verification criteria than our work with Immersve. Simply put, the level of verification required for a person to receive an NFT differs significantly from the authentication required of a person to transfer digital assets or receive assets to crypto wallets,” Mastercard explains about Crypto Credential.
More concretely, the solution should allow the creation of aliases “simple and easy to remember”. Crypto Credential should also bring “richer information” to blockchain transactions via metadata and enable the leveraging of the CipherTrace suite of services.
According to Reutersthe New York-based company is also now looking to expand its crypto payment card program with new partners.
This week, we learned that its rival was recruiting software engineers with an appetite for technology Web3. “We have an ambitious roadmap for crypto products,” stated Visa.
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