2023-04-29 13:56:28
Mastercard has launched a new solution to enable “Secured transactions between users” in accordance with the standards set by the company.
Mastercard, the global financial services giant, has launched a Web3 solution that focuses on authentication and user authentication. “Reduce the likelihood of malicious transactions” in the crypto world.
The solution was dubbed “Mastercard Crypto Credential” and wasdebuton April 29
In a video released by the company, it says it “creates a way for Web3 and blockchain providers to help secure transactions between users. Which has been audited according to the standards set by the company Mastercard.
In the announcement of the company stated that The solution provides users with an identity verification dubbed “Mastercard crypto credential unique identifier,” which in theory lets users know immediately that the address they wish to send money to has been verified. Checked by Mastercard company?
“This solution is designed to support compliance with the exchange of essential metadata required for regulatory compliance.”
And Mastercard added that
“This will reduce the chances for ill-wishers. and reduce the chance of users losing their investment in vain.”
But if the attacker manages to escape this verification, Mastercard can swiftly suspend the account if they are found to be violating the rules.
The company has said it has identified several partners who have contributed to the solution. These include digital wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold.
It also has collaborations with blockchain companies such as Aptos, Avalanche, Polygon, and Solana.
Mastercard also said it would use the solution to help validate and support cross-border transactions.
Mastercard has made steady strides in the crypto industry over the past 2 to 3 years, with no previous week coming out.announceNFT gate Musician accelerator project collaboration with Polygon network
Visa company is not inferior as well. Earlier this week, the company’s head of crypto, Cuy Sheffield, came out.announceto go ahead with the Stablecoin project on April 24
Source: Cointelegraph
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