The Mastercard Crypto Credential solution provides vetted users with a unique identifier so that they can verify that they are dealing with legitimate people before making…
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 , Ava Labs , Polygon Labs and The Solana Foundation .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.”
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