Mastercard Created A Web3 Identity Solution For Apps

Key Points:

Mastercard is extending its web3 presence by developing a new on-chain identification and verification platform that can be used across a number of apps.
The global payments company has collaborated with Aptos Labs and other web3 partners to develop a system for securely verifying transactions.
Even if unscrupulous actors manage to get through the loopholes and receive a unique identification, the corporation seems to be able to cancel its authentication fast.

Mastercard has collaborated with Aptos Labs and other web3 partners to develop a system that might be used to securely verify transactions in payments, remittances, tickets, and non-fungible tokens (NFTs), among other areas.

Mastercard Created A Web3 Identity Solution For Apps 2

The solution is known as the “Mastercard Crypto Credential,” and it became live on April 29.

The Mastercard Crypto Credentials architecture was designed to foster confidence between web2, web3, and enterprises, therefore bringing the advantages of decentralization to the public.

In an accompanying explanatory video released on Twitter, the business said that it is developing a means for Web3 and blockchain service providers to facilitate secure transactions between customers that are validated according to Mastercard standards.

Aptos was among the first blockchains to be included in the list of blockchains that would support the company’s identification and authentication architecture for sending and receiving money over web3.

Mo Shaikh, Co-Founder and CEO of Aptos Labs, commented on his company’s contribution to building the framework:

“Our partnership with Mastercard aligns with our founding mission to provide trusted interactions on-chain, and we look forward to jointly advancing an identity framework that will help Web3 developers and people around the world.”

Users will be provided a Mastercard crypto credential unique identifier as part of the solution, which will allow them to quickly check that an address they wish to transfer payments to has been validated by Mastercard and has been functioning in accordance with the firm’s standards.

As a result, even if unscrupulous actors manage to sneak through the loopholes and receive a unique identity, it seems Mastercard may remove their certification fast if they are proven to have participated in illicit conduct.

The solution was developed in collaboration with a large number of partners, according to the business. Mastercard has partnered with cryptocurrency wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold.

The companies will investigate ways to enhance the value of identity-oriented Web3 solutions for cases such as NFTs, ticketing, enterprise, and payments, according to the release. This backs with Shaikh’s previous comments on the future of web3 and what his business is working on.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.