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Mastercard’s Web3 solution to stop fraudsters
In an effort to combat fraudulent activities in the digital asset industry, Mastercard has recently unveiled a new Web3 solution. On April 29, Mastercard announced the “Mastercard Crypto Credential” solution. Significantly, it is designed to improve user verification standards and limit opportunities for fraudsters in the digital asset space. Furthermore, the solution provides a secure way for Web3 and blockchain service providers to verify transactions between users according to Mastercard’s standards. Let’s dive in!
Mastercard’s Web3 solution: The key to unlocking Digital Asset Security
To improve the security of digital assets and minimize fraudsters’ opportunities, Mastercard has launched a new Web3 solution called “Mastercard Crypto Credential.” So how will this work? As part of the solution, customers will receive a unique “Mastercard crypto credential identifier.” Ultimately, this identifier will enable users to quickly confirm whether they are sending money to a verified address that follows Mastercard’s guidelines.
Mastercard developed the solution to facilitate compliance by exchanging key metadata to meet regulations. If a fraudster manages to obtain a unique identifier, Mastercard can quickly revoke the confirmation if they are found to be involved in illegal activities.
Mastercard’s growing involvement in the crypto industry
Mastercard collaborated with several companies to develop their new Web3 solution. These include Bit2Me, Lirium, Mercado Bitcoin and Uphold. Marked enough, all of which offer cryptocurrency wallet services. The company also formed partnerships with Aptos Labs, Ava Labs, Polygon Labs and The Solana Foundation to focus on blockchain technology.
In addition, Mastercard plans to use CipherTrace’s services. This includes CipherTrace Traveler to verify addresses and support travel compliance for cross-border transactions.
Mastercard has gradually increased its involvement in the cryptocurrency industry in recent years. We can’t wait to see what happens next!
