Mastercard's new Crypto Credential feature is now operational on exchanges such as Bit2Me and Lirium, offering users a streamlined way to handle cryptocurrency transactions using aliases. Based in New York, Mastercard is set to expand the feature’s applications in the coming months.
Mastercard has unveiled its new Crypto Credential feature, allowing users to send and receive cryptocurrencies using aliases rather than traditional blockchain addresses. This development marks the first real-world application of Mastercard Crypto Credentials and aims to streamline blockchain interactions by making them simpler and more secure.
The Crypto Credential feature, introduced in 2023, is now live on various crypto exchanges, including Bit2Me, Lirium, and Mercado Bitcoin. The service is designed to verify user identities and ensure that digital assets are compatible with the recipient's wallet, enhancing transaction trust and security.
In addition to simplifying transactions, the feature supports the exchange of Travel Rule information, promoting transparency and preventing illicit activities. Mastercard plans to expand the Crypto Credential to cover NFTs, ticketing, and other payment solutions in the near future.
Currently, the feature is available to a select group of users, with plans to roll out to over seven million users across participating exchanges in the coming months. This expansion reflects Mastercard’s commitment to making cryptocurrency transactions more accessible and user-friendly.
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, expressed enthusiasm about this development, highlighting its potential to revolutionize cryptocurrency interactions.
