Saha Swatilakha
Mastercard has taken a significant leap in simplifying cryptocurrency transactions with the launch of its Crypto Credential, a groundbreaking initiative that allows users to send and receive digital assets using simple usernames instead of complicated wallet addresses.
This innovation announced Wednesday marks a new era in the crypto space, making transactions more accessible and secure for users worldwide.
Mastercard’s Crypto Credential initiative, announced in April last year, is designed to streamline cryptocurrency transactions by enabling users to utilize easy-to-remember aliases rather than traditional and often cumbersome blockchain addresses. This significantly reduces the potential for errors, enhancing user experience and boosting confidence in digital transactions.
Crypto Credential builds on Mastercard’s robust security framework. The platform employs a set of verification standards to ensure that interactions among consumers and businesses on blockchain networks are trusted and compliant. The exchange of metadata helps verify the recipient’s wallet compatibility with the transferred asset, preventing transaction errors and potential loss of funds.
Mastercard previously made it easier and safer to buy crypto with the launch of Mastercard Crypto Secure in 2022. This service brought a new level of trust to crypto purchases across a global network of 2,400 exchanges.
Mastercard has partnered with various industry players to bring Crypto Credential to life. Crypto wallet providers like Bit2Me, Lirium, and Mercado Bitcoin are already part of the ecosystem, with Foxbit joining as the latest addition. Public blockchain network organizations, including Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation, are also collaborating to enhance verification standards and develop more use cases, such as NFTs, ticketing, and enterprise payments.
Walter Pimenta, executive vice president of product and engineering for Latin America and the Caribbean at Mastercard, expressed enthusiasm for the project: “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.”
Over the coming months, the initiative will roll out to more than 7 million users across participating exchanges, expanding its reach and impact. This first peer-to-peer pilot transaction marks the beginning of a broader effort to support various use cases and enhance the accessibility and security of cryptocurrency transactions.
