In a major announcement at the Consensus 2023 crypto conference in Austin, Texas, MasterCard has launched a groundbreaking new service, the MasterCard Crypto Credential.
This innovative service sets a new transaction verification and compliance standard for those using crypto wallets. MasterCard Crypto Credential aims to provide customers with peace of mind, offering proof that the party they are transacting with is who they claim to be. According to MasterCard CEO Michael Miebach, this new service is poised to revolutionize the industry and take it to new heights.
At the conference, MasterCard’s head of crypto and blockchain, Raj Dhamodharan, stated that the business was providing more trust to clients in a fast-moving field that was expected to serve as a foundation for future technologies.
He believes that crypto as an investing use case will continue to stay. Dhamodharan also stated that similar to how the internet has evolved into a crucial public utility, blockchain networks are likely to be deemed public utilities one day, but more effort is required to achieve this.
Dhamodharan also mentioned that public blockchain networks might be used to store value for crypto and regulated money. Today, such potential is not completely fulfilled. However, the recent failure of crypto firms like FTX has presented new challenges.
Furthermore, Miebach stated that there is a lack of confidence in the blockchain and cryptocurrency industries. We can restore confidence by improving supervision, compliance, and, most critically, openness. According to Mastercard, Its MasterCard Crypto Credential may employ metadata to offer richer information to blockchain transactions and assist in guaranteeing that transactions are completed as intended.