The American financial giant Mastercard wants to play a leading role in the crypto industry. These recent forays into the web 3.0 segment demonstrate this. And the company seems to be working to guarantee its hegemony in this market, once fully conquered.
Mastercard Crypto Credential, to track crypto transactions
Slowly, but surely, the payment company Mastercard has been working for several months to penetrate the crypto market effectively. It is to this dynamic that Mastercard Crypto Credentiala project announced a few weeks ago, is taking part.
On Monday, May 15, the company formalized the operationalization of this project. These are in fact rules allowing the company to have more control over the crypto transactions carried out on its platform.
In concreto, Mastercard Crypto Credential aims to increase control of activities involving users and companies active on the blockchain. This, by verifying the nature of the interactions between them.
Mastercard’s ambition is clear. This is a way to fight against identity theft. It is also a question of providing a regulatory framework guaranteeing security and confidence to the various blockchain stakeholders. In particular, financial institutions, governments, brands, but also crypto industry players.
“Configuring and scaling trusted ecosystems to enable commerce is nothing new for Mastercard. We’ve been doing it for years in payments: we’re pioneering innovation in identity verification and global standards”said Raj Dhamodharan, executive vice president of Blockchain and digital currencies at Mastercard.
And to add: “We look forward to bringing decades of experience to this space to build trust and work with broader industry and governments to bring more innovation.”
To achieve this, the company has multiplied collaborations in recent weeks. Its partners include Aptos Labs, Ava Labs, Polygon and The Solana Foundation. All of these entities are experts in blockchain networking. Skills that Mastercard wants to use to drive adoption of Mastercard Crypto Credential.
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