Mastercard Launches Crypto Credential for User Verification

The battle against hackers, scammers and other bad actors has now hit another level with the newly launched Mastercard user verification solution. 

The global financial services giant Mastercard announced the introduction of “Mastercard Crypto Credential” earlier this week. According to Raj Dhamodharan, the Head of Crypto & Blockchain at the payment card issuer, this Is a way of reinforcing trust in blockchain transactions.

“Mastercard Crypto Credential will establish a set of common standards and infrastructure that will help attest trusted interactions among consumers and businesses using blockchain networks,” Dhamodharan explained.

Blockchain Technology, Crypto Attracts Bad Actors

The Mastercard executive mentioned that while blockchain and cryptocurrencies came with a lot of innovation and digitization, they also signified the birth of more vulnerable security systems. He attributed this to a lack of proper protection which has then led to a loss of trust and confidence on the part of investors, businesses and the government. 

Now the newly launched Web3.0 solution will reduce the activities of bad actors who prey on these vulnerabilities. 

Mastercard Rolls Out Safety Tools to Secure Investors

Mastercard is known for bringing up such tools that safeguard customers. This goal of securing investors led to the launch of Crypto Secure by Mastercard in 2022. Several banks possibly benefited from the introduction of a program dubbed Crypto Source which was targeted at  helping financial institutions offer secure crypto trading services to their clients.

On Twitter, a video was also shared to explain how the company intends to leverage this solution to provide a way for Web3 and blockchain service providers to ensure that their users enjoy safe transactions.

Specifically, these transactions would be verified based on Mastercard-defined standards. More so, the technology to achieve several use cases will be made available as the verification process will differ for the different Web3.0 activities 

Mastercard Partners With Bit2Me, Polygon Labs And Others  

Additionally, the global financial services provider has inked partnerships with several crypto firms to achieve this agenda.

Coming onboard with Mastercard are crypto wallet providers like Bit2Me, Lirium, Mercado Bitcoin and Uphold. Also, blockchain network organizations including Aptos Labs, Ava Labs, Polygon Labs and The Solana Foundation, have been contacted to introduce the solution to their developers.

Noteworthy, Mastercard acknowledges the effort of regulators and central banks in rolling out meaningful legislation to guide the fast-paced digital assets industry.