Mastercard Launches Mastercard Crypto Credential Bringing More Trust to Blockchain Ecosystem

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Reading time: 3 minutes The first use case test of the solution will focus on enabling transfers between the US and LAC corridors

Mastercard announced the introduction of Mastercard Crypto Credential, a set of common standards and frameworks that will help verify interactions between consumers and businesses using blockchain networks.

Mastercard Crypto Credential aims to provide a foundation for financial institutions, governments, brands, and crypto players, ensuring that those who wish to interact in Web3 environments adhere to set standards for the types of activities they would like to pursue.

Building and scaling trusted ecosystems to enable commerce is nothing new for Mastercard, said Raj Dhamodharan, Executive Vice President, Blockchain and Digital Currencies at Mastercard. We’ve done it for years in the payments industry, pioneering identity verification innovation and global standards. We look forward to bringing decades of experience to this space to build trust and work with industry and governments at large to enable new innovations.

Latin America and the Caribbean are among the top regions for the adoption of digital assets and remittances leveraging digital assets as a medium of value exchange. Mastercard Crypto Credential could help address key challenges that have traditionally hindered the mainstream use of this type of use case, prompting more industry players to join this space in a meaningful way.

Walter Pimenta, Executive Vice President, Product and Engineering, Latin America and Caribbean, Mastercard

There are several use cases that Mastercard Crypto Credential can unlock, as consumer verification types vary widely based on market and compliance requirements. Mastercard Crypto Credential will not only define verification levels, but also provide the enabling technology needed to help bring more use cases to life. A few ways Mastercard Crypto Credential will work:

Provide simple, easy-to-remember aliases to help consumers share wallet addresses with each other, improve consumer experience and reduce the risk of errors Bring richer insights to blockchain transactions through metadata, help set criteria for a wallet to ensure transactions are completed as expected Leverage CipherTrace’s suite of services to help verify addresses and support travel compliance for cross-border transactions

Lirium, Bit2Me, Mercado Bitcoin and Uphold are the first partners to join Mastercard on this journey, working on an initial project to enable transfers between the US and Latin America and the Caribbean corridors. Mastercard is also partnering with public blockchain network organizations Aptos Labs, AvaLabs, Polygon, and The Solana Foundation, which will help bring Mastercard Crypto Credential to app developers in their ecosystems. Together, Mastercard and these partners will work together to improve verification in NFTs, ticketing, business and other payment solutions.

Latin America and the Caribbean are among the top regions for the adoption of digital assets and remittances leveraging digital assets as a medium of value exchange. Mastercard Crypto Credential could help address key challenges that have traditionally hindered the mainstream use of this type of use case, prompting more industry players to join this space in a meaningful way, says Walter Pimenta, VP Executive President, Product and Engineering, Latin America and the Caribbean.

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