Mastercard has announced the launch of its Crypto Credential service, designed to ensure compliance and verifiability of transactions between users' wallets.
The service uses technology from CipherTrace, a blockchain analytics platform that Mastercard acquired in 2021. The service will enable wallets to be identified in transactions that comply with the Financial Action Task Force's "travel rule." The initial project will enable transfers between the US and Latin America and the Caribbean corridors, with more use cases, such as non-fungible token transactions, to follow.
Mastercard is partnering with blockchain network organizations Aptos Labs, Ava Labs, Polygon, and the Solana Foundation for this initiative.
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