Mastercard launched Mastercard Crypto Credential on May 29, enabling users to send and receive crypto using simplified aliases instead of complex blockchain addresses, according to a press release.
Mastercard Crypto Credential verifies interactions among consumers and businesses on blockchain networks, ensuring users meet verification standards and confirming the recipient’s wallet supports the transferred asset.
The system simplifies the process of knowing which assets or chains are supported by the recipient, enhancing trust and certainty in transactions. Additionally, Mastercard Crypto Credential supports exchanging Travel Rule information for cross-border transactions, a regulatory requirement to prevent illegal activities.
The system works by first verifying users according to Mastercard’s standards, who then receive an alias for sending and receiving funds across supported exchanges. When initiating a transfer, the system checks the validity of the recipient’s alias and wal
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