Get All Access for $5/mo

Crypto Credential Service for Cross-Border Transfers Will Soon Be Made Available By Mastercard Raj Dhamodharan announced its first cross-border use case, the Mastercard Crypto Credential service that allows wallets to be identified in transactions that are compliant with requirements such as the Financial Action Task Force's (FATF) "travel rule."

By Kavya Pillai

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Jievani Weerasinghe

The EVP Blockchain and Digital Asset Products & Digital Partnerships at Mastercard, Raj Dhamodharan said the payment processing company is bringing out a service designed to ensure transactions between users' wallets are verifiable and compliant, beginning with transfers of digital assets between countries. On Friday from the stage of Consensus 2023, Dhamodharan announced its first cross-border use case, the Mastercard Crypto Credential service that allows wallets to be identified in transactions that are compliant with requirements such as the Financial Action Task Force's (FATF) "travel rule."

In late 2021, the well-known blockchain analytical platform Mastercard agreed to acquire a set of common standards for attestation of interactions, using technology from CipherTrace called Mastercard Crypto Credential."If two people want to transfer value from one country to another country, the level of compliance and verification needed is complex," Dhamodharan said. He added, "So how do you identify those wallets? And how do you exchange enough information about the other party?"

The focus of blockchain tracker CipherTrace is the cross-border transactions that help companies comply with the travel rule. The rule states whenever crypto worth over $1,000 is transacted between two parties, the crypto service provider of the sender is expected to communicate the personally identifiable information of the sender to the crypto service provider of the recipient, and vice versa.

Dhamodharan said Mastercard worked with wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold. Currently, the firms are working on an initial project to begin transfers between the U.S. and Latin America and the Caribbean corridors.

What will follow is more use cases for the service, such as non-fungible token (NFT) transactions Dhamodharan shared. Furthermore, Mastercard is teaming up with public blockchain network organizations Aptos Labs, Ava Labs, Polygon and the Solana Foundation.

Kavya Pillai

Former Correspondent

News and Trends

Fast Fire Watch Guards: Protecting Your Business From Today's Fire Hazards

As a watch guard company, Fast Fire Watch Guards provides vigilant monitoring and immediate responses to signs of potential fire hazards in commercial spaces.

News and Trends

growX Ventures Launches Fund II with a Target Corpus of INR 400 Cr

Fund II aims to target early-stage and growth-stage investments, backing 20–24 startups in deeptech sectors. It plans to deploy INR 10 crore in seed and INR 20–30 crore in Series B rounds.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

Business Solutions

Right Now, You Can Get More Than 310 Hours of IT Training for Just $50

Stay ahead in tech with the CompTIA Super Bundle.

News and Trends

Uber Launches Moto Women in Bengaluru, Connecting Female Riders with Female Drivers

Uber Moto Women aims to ensure safety with real-time trip sharing, anonymised contact details, and RideCheck monitoring for irregularities. It also offers 24x7 priority support via Uber's Safety Helpline for women riders and drivers.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.