Mastercard launches Crypto Credential service

Mastercard, a leading payment services company, has launched its Crypto Credential service in a move aimed at increasing trust in blockchain networks among businesses and consumers. Mastercard says the platform aims to create a standard set of infrastructure and procedures that will help guarantee trusted transactions between users of blockchain networks. With this service, Mastercard intends to provide the technology required for individuals seeking to interact across Web3 environments while also enabling users to verify blockchain-based transactions.

The payments firm asserts that building trust is crucial to ensure that blockchain networks can reach their full potential, as a lack of robust standards and protections often erodes consumer, business, and government trust. The Crypto Credential service will simplify users’ sharing of wallet addresses by offering “straightforward” aliases, reducing the chances of error. The service will also use metadata to define wallet attributes to ensure that only appropriate transactions are conducted. To facilitate cross-border transactions, Ciphertrace will verify addresses and support compliance with travel rules.

Mastercard has collaborated with Bit2Me, Lirium, Mercado Bitcoin, and Uphold, all crypto wallet providers, on a project aimed at enabling transfers between the US and Latin America and the Caribbean. Mastercard has also partnered with public blockchain network firms, including Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation, to introduce the Crypto Credential service to application developers in their ecosystems. The aim of the partnership is to boost the verification of NFTs, ticketing, enterprise payments solutions and other applications.

Raj Dhamodharan, Mastercard’s executive vice president for blockchain, digital asset products, and digital partnerships, has said that together with the partner firms, Mastercard will improve verification in a wide range of payments solutions. He added that the Crypto Credential service would enable increased trust in blockchain networks and guarantee secure transactions across these networks.

The launch of Mastercard’s Crypto Credential service is a significant move for the blockchain industry, as it aims to address concerns over consumer, business, and government trust, which have hindered widespread adoption of blockchain technology. This initiative from Mastercard is expected to provide a foundation for wider adoption of blockchain networks, while also ensuring the safety and security of transactions on these networks.