Mastercard Crypto credential to be rolled out as a verification tool
To enhance security for users in the blockchain space, the Mastercard Crypto Credential will verify authentic users and detect suspicious activities
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Global payments firm Mastercard has teamed up with several crypto firms and wallets to launch a verification tool for their users. Aimed at boosting security in blockchain-related transactions, the new verification tool, Mastercard Crypto Credential, would be used to work towards establishing trusted links between consumers and businesses in the crypto industry.
“With Mastercard Crypto Credential, we can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue. Mastercard Crypto Credential will not only define verification standards and levels, but also provide necessary enabling technology to help bring more use cases to life,†said Mastercard in a post.
It will identify genuine users and assist in the detection of dubious participants operating in the area by acting as an intermediary between users and crypto firms.
Each user using their crypto services will receive a distinct alias from the verification tool to help share their wallet IDs or addresses.
Additionally, it will use metadata to improve the information in blockchain transactions and make sure that transactions are completed with the proper wallet attributes.
