• Mastercard is launching its new Crypto Credential feature, allowing users to send and receive cryptocurrency by a specific username.
• The Crypto Credential feature works by verifying the user and providing them with an alias to send and receive funds across supported exchanges, eliminating the need for complex wallet addresses.
• The feature aims to improve safety and trust in crypto transactions by verifying the recipient’s wallet supports the transferred asset and eliminating the potential loss of funds.
Mastercard has launched a new feature called Crypto Credential that allows users to send and receive cryptocurrency using a username instead of a wallet address. This innovation aims to make crypto transactions simpler and more secure.
How Crypto Credential Works
With Crypto Credential, users obtain an alias after going through Mastercard’s verification process. They can then use this alias to send and receive crypto across supported exchanges.
When initiating a transfer, Mastercard verifies that the recipient’s alias is valid and that their wallet supports the digital asset and blockchain being sent. If the receiving wallet does not support the asset or blockchain, the sender is notified and the transaction does not go through.
Boosting Safety and Trust
Crypto Credential helps ensure interactions between consumers and businesses are verified. It confirms that the user has met verification standards and that the recipient’s wallet supports the transferred asset.
This improves safety and trust by eliminating the need to know which assets or chains the recipient supports.
Initial Rollout and Future Plans
Crypto Credential is currently live on Bit2Me, Lirium, and Mercado Bitcoin exchanges, enabling transactions between Latin America and Europe.
It will roll out to over 7 million users across participating exchanges in the coming months. Mastercard continues to invest in partnerships and technology to advance simple, safe crypto payments.
Conclusion
With growing crypto interest in Latin America and worldwide, Crypto Credential is a milestone in delivering trusted blockchain transactions. By simplifying the user experience, it marks an important step toward unlocking crypto’s full potential.
