US payment giant Mastercard has dispatched a new Web3 solution that seeks to bring more trust to blockchain transactions.
Dubbed ‘Mastercard Crypto Credential,’ the offering will establish a set of common standards and infrastructure that will “help attest to trusted interactions among consumers and businesses using blockchain networks.”
In a blog post published on April 28th, Mastercard highlighted the need for trusted, compliant, and verifiable interactions to take place on public blockchain networks. To that extent, Mastercard Crypto Credential is designed to help ensure that the players interested in interacting across Web3 meet certain defined standards while engaging in any type of activity.
In addition to defining verification standards and levels, Mastercard Crypto Credential will also provide necessary enabling technology to target more use cases.
Mastercard said that the focus will be on providing easy-to-remember, straightforward aliases to help consumers share wallet addresses with one another, ramping up the consumer experience alongside reducing the potential for errors.
Bringing richer information to blockchain transactions through metadata is yet another aspect that the new offering will target, along with defining attributes of a wallet to help ensure that transactions are completed as intended.
Additionally, the company has tapped into CipherTrace’s suite of services to verify addresses and support Travel Rule compliance for cross-border transactions.
For this initiative, the company has teamed up with prominent blockchain entities such as Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation. These partners are tasked with assisting the company in bringing Mastercard Crypto Credential to the application developers in their ecosystems.
The collaboration aims to enhance verification in NFTs, ticketing, enterprise, and other payment solutions.
Mastercard has been engaged in several initiatives in the Web3 space. Last October, it launched program to help traditional financial institutions offer cryptocurrency trading to their clients. The payments firm teamed up with Binance to roll out crypto prepaid cards in Brazil.
More recently, Mastercard outlined its plans to release NFT to help Web3 musicians access resources to boost their careers.