Mastercard Simplifies Crypto Transactions with User-Friendly Aliases
Mastercard has introduced its Crypto Credential Aliases system, streamlining cryptocurrency transactions and making them more accessible. This innovation replaces convoluted blockchain addresses with user-friendly names, benefiting both exchanges and users.
The system, initially covering transactions between Latin America and Europe, allows users to send and receive cryptocurrencies using easy-to-remember aliases. This feature is now available to a select group of users, with plans to expand to all seven million users of participating exchanges in the coming months.
Mastercard's Crypto Credentials also support the 'Travel Rule' information exchange for cross-border payments. This includes various use cases such as NFTs, tickets, and other payment solutions. The system is integrated by exchanges like Bit2Me, Lirium, Mercado Bitcoin, and wallets like Foxbit and Lulubit. To obtain the credentials, users must undergo verification through their exchange according to Mastercard's standards.
Notably, Mastercard is not alone in this endeavor. Visa and PayPal have also integrated Crypto Credentials through the Stellar network. This collaboration enables verified blockchain transactions, stablecoin payments, and expands digital settlement options.
Mastercard's Crypto Credential Aliases system is a significant stride towards mainstream cryptocurrency adoption. By simplifying transactions and expanding use cases, this innovation benefits both users and exchanges, making cross-border cryptocurrency payments more accessible and secure.
Read also:
- C3IC Publishes 'This is the Taiwan We Love' Guide to Empower Citizens
- Reporter of Silenced Torment or Individual Recording Suppressed Agony
- Solar panel troubles on rooftops
- EPA Administrator Zeldin travels to Iowa, reveals fresh EPA DEF guidelines, attends State Fair, commemorates One Big Beautiful Bill
