MasterCard’s Web3 tool aims to prohibit bad actors’ activity in the crypto space

MasterCard launched the “Mastercard Crypto Credential” to prohibit the engagement of bad actors in the crypto industry. 

NewYork-based Mastercard Inc. is the second-largest payment-processing corporation worldwide. This company offers a range of financial services and is mainly known for its Card payment service. Over a couple of years, MasterCard showed significant inclination toward the crypto companies and also helped Binance, Nexo, and Gemini crypto exchanges to issue crypto-linked MasterCard-powered payment cards. 

On 28 April 2023, MasterCard announced the launch of the “Mastercard Crypto Credential” (MCC). MCC is a Web3 tool that will be available for all the crypto & blockchain firms to use to filter the crypto customers.

All the users will be issued a “Mastercard crypto credential unique identifier” and that identifier will allow users to identify the crypto address, whether linked past crypto financial activities were under compliance or not. 

The MasterCard team stated that its new Web3 tool has huge potential to prohibit crypto financial activities and to help companies to meet the regulation system.

“The solution is also designed to support compliance through the exchange of essential metadata, required to meet regulations,” the press release read.

According to MasterCard, bad actors can try to get MasterCard Crypto Credential to trick good people easily. In that situation, MasterCard will revoke their verification if they have been found to have engaged in nefarious activity.

Recently MasterCard announced the launch of a nonfungible token (NFT) gated musician accelerator program in partnership with Ethereum layer-2 scaling network Polygon. 

Visa, another payment card processor company, has been a crypto tech-friendly firm. Recently Visa’s head of crypto Cuy Sheffield announced Visa’s stablecoin project.

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