Skip to main content

Mastercard launches Web3 user verification solution to curb bad actors

Mastercard’s new solution revolves around providing “secure transactions between users, verified according to standards” set by the company.

Global financial services giant Mastercard has launched a new Web3 solution aimed at enhancing user verification standards and “reducing the opportunities for bad actors” in the digital asset space.

The solution is dubbed the “Mastercard Crypto Credential” and its launch was announced on April 29.

In an accompanying explainer video shared to Twitter, the firm outlined that its “building a way for Web3 and blockchain service providers to help secure transactions between users, verified according to standards set by Mastercard.”

As part of the solution, users will be issued a “Mastercard crypto credential unique identifier,” which in theory, enables people to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards.

“The solution is also designed to support compliance through the exchange of essential metadata, required to meet regulations,” Mastercard stated, adding that it should help “reduce the opportunities for bad actors and the risk of funds being lost for good.”

As such, even if bad actors slip through the cracks and obtain a unique identifier, it appears Mastercard can move quickly to revoke their verification, if they have been found to have engaged in nefarious activity.

The firm named a long list of partners behind the solution. On the wallet side of things, Mastercard has teamed up with crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold.

In terms of blockchains, the firm has partnered with Aptos Labs (Aptos), Ava Labs (Avalanche), Polygon Labs (Polygon) and The Solana Foundation (Solana).

Related: Bybit to introduce mandatory KYC requirements starting May 8

Mastercard also outlined that it will be “tapping into CipherTrace’s suite of services — including CipherTrace Traveler — to help verify addresses and support Travel Rule compliance for cross-border transactions.”

Mastercard has been continually upping its exposure to the crypto sector over the past couple of years, and the latest announcement comes just a few weeks after it launched a nonfungible token (NFT) gated musician accelerator program in collaboration with Polygon.

The program offers free access (until the end of April) to materials, unique artificial intelligence (AI) tools and other experiences to holders of Mastercard’s Music Pass NFT.

Mastercard competitor Visa also made a crypto move earlier this week, after Cuy Sheffield, the firm’s head of crypto took to Twitter on April 24 to announce a new stablecoin payments-focused project.

While details are sparse at this stage, Sheffield shared a job listing for the role which notes that the company is “building the next generation of products to facilitate commerce in everyone's digital and mobile lives.” The company is on the lookout for someone with strong experience in Web3 and blockchain tech.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom



from https://ift.tt/Aa8Jeci
https://ift.tt/YnlvPUW
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300. Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels. The price is now trading above $2,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone. Ethereum Price Is Showing Positive Signs After forming a base above $2,000, ethereum started a steady increase . ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average. The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin . A high is formed near $2,285 and ether is now correcting lower. There was...
Post a Comment
Read more

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more