Payment giant Mastercard has announced a new Web3 project aimed at improving user verification standards and “reducing loopholes for digital asset fraud.”
On April 28, at the Consensys 2023 conference, Mastercard presented the Mastercard Crypto Credential project, which aims to increase the security of Web3 transactions by creating trusted identity verification standards.
According to a company press release, the Mastercard Crypto Credential will establish a set of common standards and create an infrastructure to build trusted interaction between customers and businesses on the blockchain. Mastercard plans to issue unique personal identifiers to users, which will indicate that the person has been verified and can be trusted. It is reported that some of this functionality has already been tested as part of the Mastercard Artist Accelerator.
Additionally, Mastercard plans to implement support for custom addresses for crypto wallets. According to the company, users will be able to put nicknames instead of long alphanumeric numbers.
Currently, the Bit2Me, Lirium, Mercado Bitcoin, and Uphold crypto wallets are advertised among Mastercard Crypto Credential partners, as well as the Aptos Labs, Ava Labs, Polygon, and Solana blockchains.
Author:
Grigory Shcheglov
Source: RB
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