• Mastercard announced the launch of a service, called the “Mastercard Crypto Credential”, to improve user verification standards and reduce the risk of fraud in the crypto space.
• The product will provide secure transactions between users that Mastercard has verified.
• It will employ technology from CipherTrace, a blockchain analytics platform Mastercard acquired in 2021.
Mastercard Launches Crypto Credential Service
Mastercard recently announced the launch of its new product, the “Mastercard Crypto Credential”. This service is aimed at providing an extra layer of security and trust when it comes to transactions between cryptocurrency wallets. The “Crypto Credential” provides secure transactions between users that have been verified by MasterCard. To make this possible, users will be issued a unique identifier which will enable them to quickly verify whether an address they want to send money to has been verified by MasterCard and complies with its standards.
Technology for Verification
The Crypto Credential utilizes technology from CipherTrace, a blockchain analysis platform acquired by MasterCard in 2021. With this technology, it is possible to establish common standards and infrastructure that can help ensure trusted interactions among consumers and businesses using blockchain networks. There are various use cases where Crypto Credentials can be employed as consumer and business verifications needs differ depending on market requirements and compliance regulations.
To roll out this service, MasterCard partnered with several wallet providers such as Bit2Me, Lirium, Mercado Bitcoin and Uphold. Currently they are working on a project which aims to facilitate transfers between US Latin America and Caribbean corridors with their partners wallets mentioned above.
The new service provided by MasterCard allows for verifiable and compliant transactions between different cryptocurrency wallets ensuring more trust for both customers involved in such transactions as well as reducing fraud risk within the crypto space overall thanks to its implementation of CipherTrace’s technology into their system