The new Mastercard crypto credential feature is aimed to work as a user verification feature that could weed out all suspicious users and activities.
The multinational payments company Mastercard has been actively involved with the crypto industry in recent times. As part of its latest initiatives, it has developed a security verification tool for its users named Mastercard Crypto Credential.
Serving as a link between users and crypto firms, it will identify authentic users and help detect suspicious elements operating in the space. The verification tool will provide a unique identity to each user using their crypto services in lieu of their wallet identities or addresses.
It will also use metadata to enrich blockchain transactions with better information and ensure that transactions are completed with the correct wallet attributes.
Mastercard further stated in its post, “Setting up and scaling trusted ecosystems to enable commerce is not new to Mastercard. We’ve done this for years in payments — pioneering innovation in identity verification and global standards. We look forward to bringing decades of experience to this space to enhance trust and work with the broader industry and governments to enable further innovation.”
Mastercard has had several partners in setting up Mastercard Crypto Credential through crypto wallets like Uphold, Lirium, Mercado Bitcoin, and Bit2Me. These wallet providers were specifically working with Mastercard to set up linkages between the US, Latin America, and the Caribbean.
Other blockchain network partners include the Solana Foundation, Aptos Labs, Polygon Labs, and Ava Labs, which would be helpful in including the feature in developers’ ecosystems. The verification tool would be useful in several use cases like NFTs, payment solutions, enterprise, and ticketing, as claimed by Mastercard.