Mastercard Launches Crypto Credential Aliases for Simplified Transactions
Mastercard has introduced its Crypto Credential Aliases, a new system aiming to simplify cryptocurrency transactions. This innovation replaces complex blockchain addresses with user-friendly names, making payments more convenient.
The system, launched for the corridor from Latin America to Europe, initially serves a select group of users. Mastercard plans to offer the credentials to all seven million users of participating exchanges in the coming months.
Mastercard mentions various use cases for these credentials, including NFTs and tickets. Several exchanges and wallets, such as Bit2Me, Lirium, Mercado Bitcoin, Foxbit, and Lulubit, have integrated or are ready to launch the system. However, specific details about joined companies and launch timelines remain scarce.
The Alias System works by checking if the receiving wallet supports the coin and chain during a transfer. Users obtain the credentials after verification through their exchange, adhering to Mastercard's standards. Upon transfer, the system supports the exchange of 'Travel Rule' information for cross-border payments, eliminating the complexity of knowing which assets or chains the recipient supports.
Mastercard's Crypto Credential Aliases promise to streamline cryptocurrency transactions by replacing complex addresses with user-friendly names. The system has been launched for a select group of users and will be rolled out to all participating exchanges' users in the coming months. Mastercard envisions a wide range of use cases, with several exchanges and wallets already on board.
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