Tag: Verification

Mastercard Launches Web3 Crypto Solution

by Blockchain News

Mastercard has launched a new Web3 solution called the “Mastercard Crypto Credential,” which aims to enhance user verification standards in the digital asset space. The solution provides users with a unique identifier, which can help verify that an address has been vetted by Mastercard and is operating in compliance with the firm’s standards. This new offering aims to reduce the risk of bad actors and the loss of funds in the space.

The solution will also support compliance through the exchange of metadata required to meet regulations. Even if bad actors manage to obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The solution aims to reduce opportunities for bad actors and ensure compliance with regulations.

The Mastercard Crypto Credential will be issued to users to enhance verification standards set by the company. As part of the solution, Mastercard has partnered with various crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Additionally, partnerships with blockchain platforms like Aptos, Avalanche, Polygon, and Solana were also announced.

CipherTrace’s suite of services, including CipherTrace Traveler, will also be used to verify addresses and support Travel Rule compliance for cross-border transactions. Mastercard has been increasingly involved in the crypto sector over the past few years. The company recently launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon.

The program offers free access to materials, unique artificial intelligence (AI) tools, and other experiences to holders of Mastercard’s Music Pass NFT. Mastercard’s competitor, Visa, has also made a crypto move with its head of crypto, Cuy Sheffield, announcing a new stablecoin payments-focused project via Twitter. The company is currently searching for a candidate with experience in Web3 and blockchain tech to work on this project.

In conclusion, Mastercard’s new Web3 solution called the “Mastercard Crypto Credential” aims to provide a secure way for Web3 and blockchain service providers to help secure transactions between users. The solution offers a unique identifier to users that verifies an address has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The company has partnered with various crypto wallet providers and blockchain platforms and will be using CipherTrace’s suite of services to ensure compliance with regulations. This latest move by Mastercard shows the company’s increasing involvement and investment in the crypto sector.

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Mastercard Launches Web3 Solution for Crypto Verification

by Blockchain News

Mastercard has launched a new Web3 solution aimed at improving the verification standards in the digital asset space. The solution, called “Mastercard Crypto Credential,” provides a unique identifier to users, enabling them to verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The solution will support compliance through the exchange of metadata and help reduce the opportunities for bad actors.

As part of the solution, Mastercard has partnered with several crypto wallet providers, including Bit2Me, Lirium, Mercado Bitcoin, and Uphold. The firm has also partnered with several blockchains, including Aptos, Avalanche, Polygon, and Solana. To ensure compliance, Mastercard will tap into CipherTrace’s suite of services, including CipherTrace Traveler, to help verify addresses and support Travel Rule compliance for cross-border transactions.

The solution is designed to reduce the opportunities for bad actors and the risk of funds being lost for good. Even if bad actors slip through the cracks and obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The firm’s long list of partners behind the solution is a testament to its commitment to enhancing the crypto sector’s standards.

Mastercard has been steadily increasing its exposure to the crypto sector over the past few years. This latest announcement comes just a few weeks after the firm launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon. The program offers free access to materials, unique artificial intelligence tools, and other experiences to holders of Mastercard’s Music Pass NFT.

Visa, Mastercard’s competitor, has also made a move in the crypto space by announcing a new stablecoin payments-focused project. Cuy Sheffield, the firm’s head of crypto, announced the project on Twitter and shared a job listing for the role, which notes that the company is “building the next generation of products to facilitate commerce in everyone’s digital and mobile lives.” The company is on the lookout for someone with strong experience in Web3 and blockchain tech.

In conclusion, Mastercard’s new Web3 solution, “Mastercard Crypto Credential,” is designed to enhance user verification standards and reduce the opportunities for bad actors in the digital asset space. The solution’s unique identifier will provide users with an added layer of security, allowing them to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The firm’s long list of partners and its commitment to enhancing the crypto sector’s standards highlights its dedication to innovation and staying ahead of the curve.

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Browser Extension Reveals Twitter Blue Accounts

by Blockchain News

Twitter users have been able to verify their accounts for a monthly fee since the launch of Twitter Blue in November 2022. This has led to a flood of verified accounts, some of which are associated with spam bots and fake information. The introduction of a Know Your Customer requirement did little to deter trolls from taking advantage of the service.

To address this issue, a browser extension called “Eight Dollars” has been created. It helps users differentiate between accounts that have paid for verification and those that have earned it through the traditional process. For accounts that have paid for verification, the extension displays a “paid” text next to the blue checkmark. For others, it simply shows “verified.”

The extension provides transparency to the Twitter platform and helps identify scam accounts, as evidenced by positive reviews from users. This has been welcomed by users who are concerned about the flood of verified accounts that have made it difficult to identify legitimate accounts.

Elon Musk, the CEO of Tesla and SpaceX, was involved in the launch of Twitter Blue, which was designed to discourage spam bots and fake accounts. However, he and other tech industry leaders recently signed an open letter calling for a halt to the development of artificial intelligence. This has split opinions, with some entrepreneurs, such as Coinbase CEO Brian Armstrong, believing that every technology poses a certain amount of danger, and the goal should be to keep moving forward.

In conclusion, the “Eight Dollars” browser extension provides a useful tool for Twitter users who are concerned about the flood of verified accounts on the platform. It helps distinguish between legitimate accounts and those that have paid for verification, which has reintroduced user doubt. While there are differing opinions on the development of artificial intelligence, transparency on social media platforms is crucial in identifying scam accounts and restoring user trust.

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Trezor removes controversial address verification protocol, other wallets follow suit

by Cointelegraph

Since 2019, Swiss financial crypto intermediaries have required proof of ownership of an external wallet’s address for Bitcoin withdrawals and deposits to their customers’ non-custodial wallets. One automated mechanism used for this is the Address Ownership Proof Protocol, or AOPP.  

The Trezor hardware wallet introduced AOPP signing as part of its latest January update last week, allowing users to generate signatures that conform to the AOPP standard used in certain jurisdictions. On Jan. 28, Trezor announced that it will remove this protocol in the next Trezor Suite update “after careful consideration of recent feedback.”

Recent feedback refers to Reddit and Twitter users who were concerned that the use of AOPP signaled Trezor’s support for greater regulation and a disregard for a potential loss of privacy.

In a blog post explaining the removal, Trezor admitted it “underestimated how this feature would be received,” but that the company “welcomes public scrutiny.” The fact that it listened to its users and reacted so quickly demonstrates the power of social media sentiment.

The hardware wallet maker claimed it is against the regulations that concern AOPP, namely the data leak risks associated with using a stringent identification process like Know Your Customer, or KYC, to buy Bitcoin. The company clarified its intent:

“Our sole aim was to make withdrawal to self-custody easier for users in countries with strict regulation, but we acknowledge that more harm than good could be done in the end if this were viewed as proactive compliance with regulations we do not agree with.”

Other hardware wallets such as Sparrow Wallet, Samourai Wallet and BlueWallet have also decided to follow Trezor and remove the automated protocol.

Related: Engineer hacks Trezor wallet, recovers $2M in ‘lost’ crypto

While the AOPP protocol may not directly or negatively impact users of non-custodial wallets, decentralization and freedom are central tenets to the crypto community who values privacy. The main concern is that the implementation of AOPP may set a precedent for increased government influence and surveillance.