Mastercard is launching its new Crypto Credential feature, allowing users to send and receive cryptocurrency by a specific username instead of a wallet address. For the first time, crypto exchange users can send and receive crypto using their Mastercard Crypto Credential aliases. Typically, transactions must utilize typically longer and more complex blockchain addresses.
According to Mastercard, the live transaction capabilities are enabled on the Bit2Me, Lirium, and Mercado Bitcoin exchanges. This allows them to facilitate blockchain transactions simply and securely between Latin American and European corridors. “We are proud to continue deepening our alliance with Mastercard, with whom we share a commitment to innovation and the development of solutions that drive payment alternatives through crypto assets,” said Leif Ferreira, CEO and co-founder of Bit2Me.
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The Mastercard Crypto Credential feature works rather standard. According to Mastercard’s media release detailing the feature, the exchange will first verify a user under the Mastercard Crypto Credential standards. At that point, the user obtains an alias to send and receive funds across all supported exchanges. When a user initiates a transfer, Mastercard Crypto Credential verifies that the recipient’s alias is valid and that the recipient’s wallet supports the digital asset and associated blockchain. Furthermore, if the receiving wallet does not support the asset or blockchain, the sender is notified and the transaction does not proceed. That way, all parties are protected from the potential loss of funds.
Mastercard’s Crypto Credential To Boost Safety And Trust In Transactions
In addition, the Mastercard Crypto Credential feature helps verify interactions among consumers and businesses using blockchain networks. It assures that the user has met verification standards and confirms that the recipient’s wallet supports the transferred asset. This, in turn, improves safety and trust in these transactions. Through the metadata exchange, Crypto Credential eliminates the complexity of a consumer knowing which assets or chains are supported by the person they are looking to send funds to.
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“Mastercard continues to invest in its technology, standards, and partnerships to bring safe, simple, and secure payments to the forefront,” said Walter Pimenta, executive vice president, of Product and Engineering, Latin America and the Caribbean at Mastercard.
“As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.”
Walter Pimenta, executive vice president, of Product and Engineering, Latin America and the Caribbean at Mastercard.
According to Mastercard, a select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis. Wider availability will roll out to more than 7 million users across the participating exchanges over the coming months.