Mastercard Web3 Solution

In April 2023, Mastercard, the world's second-largest payment processing corporation, announced a solution called Mastercard Crypto Credential created specifically with the needs of Web3 in mind. With its help, the company plans to promote trust within this space and help it reach its full potential.

In this article, we will find out what Mastercard has prepared and how it will affect the Crypto World.

What is Mastercard Crypto Credential?

The proposed technology is essentially a digital signature (a unique identifier called the "crypto credential") that verifies the authenticity of users’ transactions on a blockchain network. It is created to mitigate the risk of fraudulent activity or hacking by providing an additional layer of security.

This identifier gives users an opportunity to confirm that an address has been checked by Mastercard and is safe, according to the company's policies.

Additionally, the identifier allows exchanging of metadata between the users, to also decrease the risk of fraud. Even if a malicious party gets the identifier, it can be quickly revoked to prevent damage.

The technology will soon be available in the US, Latin America, and the Caribbean, and Mastercard is collaborating with several crypto wallets and large crypto projects (e.g. Solana, Aptos, Avalanche, etc).

Mastercard’s crypto initiatives

Such a crypto-oriented approach is not entirely new for the corporation. It has a program called Start Path Crypto for early-stage crypto startups that can scale their business by working with such a huge entity as Mastercard.

What is more, they have a musician accelerator program together with Polygon which was launched in April 2023. It is only for those who have a special NFT pass.

Additionally, the payment system has been working on introducing crypto in its work since 2021 when it started a partnership with the crypto company Bakkt. Overall, it looks like Mastercard is not only sticking with developing in this area but also diversifying its products constantly.

Conclusion

In summary, Mastercard Crypto Credential has the potential to increase trust in the crypto industry by offering an extra layer of security that verifies the legitimacy of users' transactions on blockchain networks.

Thanks to an impressive list of collaborations with established projects, the corporation is broadening its involvement in the Web3 sphere. Perhaps the participation of such a huge player in traditional finance could lead to the acceleration of crypto adoption.