To combat malicious activities, Mastercard has introduced a Web3 user authentication solution.

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Mastercard, a leading global financial services provider, has unveiled a new Web3 solution designed to elevate user verification standards and minimize the chances of fraudulent activities in the digital asset realm.

The solution, known as "Mastercard Crypto Credential," was revealed on April 29. In a supplementary video posted on Twitter, the company explained that it's developing a method for Web3 and blockchain service providers to ensure secure transactions between users, authenticated in compliance with Mastercard's criteria.

The Mastercard Crypto Credential solution will provide users with a distinct identifier, referred to as "Mastercard crypto credential," that can instantly authenticate whether an address to which they wish to transfer funds has undergone Mastercard's screening and adheres to the company's established standards.

The solution also facilitates compliance by exchanging vital metadata essential for meeting regulatory requirements, according to Mastercard. The company expects that this approach will mitigate the chances of fraudulent activities and minimize the risk of funds being irretrievably lost.

In the event that bad actors succeed in obtaining a unique identifier, Mastercard has the ability to promptly revoke their authentication if they are discovered to have engaged in malicious behavior.

The solution has a wide range of partners involved, according to the firm. Bit2Me, Lirium, Mercado Bitcoin, and Uphold, are among the crypto wallet providers collaborating with Mastercard on this initiative. In terms of blockchains, Aptos, Avalanche, Polygon, and Solana are among the platforms that have partnered with the company.

Moreover, Mastercard intends to use CipherTrace's suite of services, including CipherTrace Traveler, to verify addresses and ensure Travel Rule compliance for cross-border transactions.

Mastercard has been increasing its involvement in the crypto industry in recent years. Just a few weeks ago, the firm partnered with Polygon to introduce an NFT-driven musician accelerator program. The program, which offers free access to unique AI tools, materials, and other experiences until the end of April, is exclusively available to holders of Mastercard's Music Pass NFT.

In a similar vein, Visa, Mastercard's competitor, has also made a move into the crypto space. On April 24, Cuy Sheffield, Visa's head of crypto, announced a new stablecoin payment-focused initiative on Twitter. Although details are scarce at the moment, Sheffield shared a job listing that stated the company is developing the next generation of products to facilitate digital and mobile commerce and is seeking someone with expertise in blockchain technology and Web3.

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