Mastercard has launched a new service called "Mastercard Crypto Credentials," which allows banks and other financial institutions to store and verify customers' digital assets, including cryptocurrencies. The service aims to reduce the risk of fraud and enhance security in cross-border transactions involving digital assets while helping boost the blockchain industry's credibility.
The Mastercard Crypto Credential is a standardized system for verifying interactions, which utilizes CipherTrace's technology, a prominent blockchain analytics platform that Mastercard acquired in late 2021. In launching the service, Mastercard worked with Bit2Me, Lirium, Mercado Bitcoin, and Uphold. It also partnered with crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold to enable transfers between the U.S., Latin America, and the Caribbean.
This recent move by Mastercard expands its growing influence in the crypto space. A few years back, Mastercard launched a B2B payments platform over its blockchain network, allowing businesses to make direct payments with each other. In 2020, Mastercard announced a partnership with Web3 money app Wirex to launch the Mastercard Crypto debit card. The card permits users to spend their crypto assets at any merchant accepting Mastercard. Last year, it launched Mastercard's Start Path to support innovative fintech startups working on innovative digital payments and commerce solutions. The program has supported the likes of BitPay, Circle, and Uphold.