Mastercard has launched its new Crypto Credential feature, allowing users to send and receive cryptocurrency using specific usernames instead of traditional, complex wallet addresses. This innovative feature enables users on crypto exchanges to utilize their Mastercard Crypto Credential aliases for transactions, simplifying the process significantly.
Live Transaction Capabilities and Supported Exchanges
Currently, live transaction capabilities are available on the Bit2Me, Lirium, and Mercado Bitcoin exchanges. This feature facilitates secure and straightforward blockchain transactions between Latin American and European corridors. Leif Ferreira, CEO and co-founder of Bit2Me, expressed pride in deepening the alliance with Mastercard, highlighting their shared commitment to innovation and the development of crypto asset payment solutions.
How Mastercard Crypto Credential Works
The Mastercard Crypto Credential feature operates in a standardized manner. According to Mastercard’s media release, an exchange first verifies a user under the Mastercard Crypto Credential standards. Once verified, the user receives an alias for sending and receiving funds across all supported exchanges. When initiating a transfer, the system verifies the recipient’s alias and checks if the recipient’s wallet supports the digital asset and blockchain. If the receiving wallet does not support the asset or blockchain, the sender is notified, and the transaction is halted, ensuring the protection of all parties from potential loss of funds.
Enhancing Safety and Trust in Crypto Transactions
Mastercard’s Crypto Credential aims to boost safety and trust in blockchain transactions by verifying interactions among consumers and businesses. This feature ensures that users meet verification standards and confirms the compatibility of recipients’ wallets with the transferred asset. By exchanging metadata, Crypto Credential eliminates the complexity of knowing which assets or chains are supported by the recipient, streamlining the transaction process.
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Commitment to Safe and Secure Payments
Walter Pimenta, executive vice president of Product and Engineering for Latin America and the Caribbean at Mastercard, emphasized the company’s commitment to investing in technology, standards, and partnerships to bring safe, simple, and secure payments to the forefront. As interest in blockchain and digital assets grows in Latin America and worldwide, delivering trusted and verifiable interactions across public blockchain networks is essential. Mastercard is excited to collaborate with dynamic partners to realize the full potential of the Crypto Credential feature.
Future Availability
Initially, a select group of crypto wallet users will have access to the Mastercard Crypto Credential on a first-come, first-serve basis. Over the coming months, the feature will roll out to more than 7 million users across the participating exchanges, making it widely available.
