Mastercard Unveils New Crypto User Authentication Tool, 'Mastercard Crypto Credential'

In Brief

Mastercard reveals its new cybersecurity initiative related to cryptocurrency, known as 'Mastercard Crypto Credential.' This program is designed to minimize the chances of fraud by strengthening user verification protocols.

Mastercard Launches a Crypto User Authentication Tool, 'Mastercard Crypto Credential'

The payment giant Mastercard recently introduced a new security initiative focused on the world of cryptocurrency. Given the prevalence of scams and malicious actors in the digital realm, the company's goal is to reduce the risk associated with these threats by improving user verification procedures.

To achieve this, Mastercard has created the 'Mastercard Crypto Credential,' which aims to set 'a common standard' for user verification. This tool also incorporates a framework that will foster trustworthy interactions between clients and businesses, thereby enhancing security for transactions among verified users.

Verification processes for both consumers and businesses differ based on market dynamics and regulatory compliance. Consequently, Mastercard is currently exploring various use cases facilitated by this technology. One of the first offerings planned is a user-friendly nickname system to simplify the sharing of wallet addresses. Additionally, Mastercard aspires to enrich blockchain transaction information with the help of metadata. Moreover, the company is collaborating with CipherTrace to aid in address verification for transactions that cross international borders.

Mastercard has joined forces with an array of tech firms to bring this initiative to fruition. The payment giant has engaged with crypto wallet providers such as Librium, Uphold, Bit2Me, and Mercado Bitcoin. Participation also includes blockchain enterprises like The Solana Foundation, Polygon Labs, Aptos Labs, and Avalanche. Together, these organizations will assist Mastercard in bolstering verification processes within sectors like ticketing, non-fungible tokens, and beyond.

According to the official announcement We previously highlighted our efforts to instill greater trust within the blockchain ecosystem through the Mastercard Crypto Credential initiative, along with our partnerships with crypto wallet providers and public blockchain networks. payment solutions .

At #Consensus23 Importantly, this marks not Mastercard’s first foray into the cryptocurrency space. Earlier in January, the company collaborated with Polygon to introduce a web3 music-centered accelerator for artists. @Bit2Me_Global , @LiriumAG , @MercadoBitcoin and @UpholdInc Following that announcement, the two companies released limited-edition Mastercard Music Pass NFTs, granting holders special access to exclusive educational resources, AI-driven music tools, as well as physical and digital experiences. @AptosLabs ,… pic.twitter.com/P33mtDVAas
— Mastercard News (@MastercardNews) April 28, 2023

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vi Search Valeria holds a Master's degree in Public Communications and is currently pursuing a second major in International Business Management. In her free time, she enjoys photography and fashion styling. She first launched a fashion blog at the age of 13, which sparked her interest in journalism and fashion.