TLDR
- Mastercard has expanded its Crypto Credential program to support self-custody wallets, simplifying crypto transactions.
- Users can now send and receive cryptocurrencies using verified, username-style aliases instead of long wallet addresses.
- Polygon will be the first blockchain to support the Crypto Credential program in collaboration with Mastercard.
- Mercuryo will handle identity verification and issue the verified aliases for users linking them to their wallets.
- The integration aims to reduce errors caused by copying long hexadecimal wallet addresses and enhance security.
Mastercard has expanded its Crypto Credential program to self-custody wallets. This move allows users to send and receive cryptocurrencies using usernames instead of long wallet addresses. Polygon will be the first blockchain to support this rollout, with Mercuryo managing identity verification and alias issuance.
Simplifying Crypto Transfers with Verified Aliases
The integration of verified aliases aims to simplify cryptocurrency transactions. Users can now link human-readable names to their wallets after Mercuryo verification. This process eliminates the risk of errors when copying long hexadecimal addresses.
Raj Dhamodharan, executive vice president at Mastercard, commented,
“By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers.”
The program enhances the user experience by simplifying crypto transactions. It also seeks to make crypto transfers feel more like traditional payment systems.
Mercuryo, which issues the aliases, said the initiative reflects growing demand for secure, easy-to-use crypto solutions. The partnership helps bridge the gap between user-friendliness and wallet sovereignty. It offers a safer, simpler alternative to complex crypto address systems.
Polygon First to Support Mastercard’s Crypto Credential Program
Polygon will lead the way in adopting Mastercard’s Crypto Credential program. The blockchain will support the process, allowing users to request soulbound tokens for wallet verification. These tokens serve as proof that the wallet belongs to a verified individual.
Marc Boiron, CEO of Polygon Labs, emphasized that the collaboration marks a turning point for self-custody. He stated, “This partnership marks the moment when self-custody becomes simple.” The collaboration is designed to provide users with a streamlined, secure experience for managing their digital assets.
Mastercard continues to strengthen its crypto strategy. Earlier this year, it launched debit cards with Kraken across Europe. The company has also partnered with MetaMask to offer a self-custody payments card, further enhancing its Web3 presence.
In addition to Polygon, Mastercard’s Crypto Credential program includes partners such as Shift4 Payments, Swapper Finance, and ZeroHash. ZeroHash will provide on-chain liquidity, facilitating the conversion of fiat into cryptocurrency. Mastercard’s continued push into the crypto space aims to create more seamless and secure digital payment options for users.
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