Mastercard is expanding its Crypto Credential program, introducing verified, username-based aliases for self-custody wallets. This initiative aims to simplify cryptocurrency transactions, allowing users to send and receive digital assets like Bitcoin, Ethereum, and stablecoins using human-readable identifiers instead of complex wallet strings.
The program's initial rollout is supported on the Polygon blockchain, addressing the growing demand for more secure and intuitive crypto transfer methods that preserve full wallet sovereignty.
Key Developments in Crypto Credential Expansion
Mastercard's extension of the Crypto Credential program to self-custody wallets is designed to significantly improve the usability of crypto transactions. Polygon serves as the first blockchain to support this new alias system, with Mercuryo providing the necessary identity verification services.
Users will have the ability to link a verified alias to their wallet or request a soulbound token, which acts as proof of wallet authenticity. This development is poised to make crypto payments more familiar to users and reduce the likelihood of errors often associated with long wallet addresses.
Mastercard continues to strengthen its presence in the cryptocurrency space, focusing on blockchain payments and forging Web3 partnerships.
Making Self-Custody Crypto Transfers Safer
The primary objective of this initiative is to enhance the safety and ease of self-custody crypto transfers. Mastercard aims to mitigate the risks of mistakes caused by copying lengthy hexadecimal wallet addresses and to bring the convenience of crypto payments closer to that of traditional financial systems.
Marc Boiron, CEO of Polygon Labs, commented on the partnership, stating, "This partnership marks the moment when self-custody becomes simple."
Mercuryo, acting as the first issuer for the program, highlighted that this rollout aligns with the increasing demand for crypto experiences that are both secure and user-friendly, without compromising wallet sovereignty.
Mastercard has been actively accelerating its crypto and blockchain strategy. In recent developments, the company launched debit cards with Kraken across Europe and collaborated with MetaMask on a self-custody payments card.
Mastercard's Collaboration with Chainlink for On-Chain Crypto Purchases
In June, Mastercard announced a partnership with Chainlink, enabling its extensive network of three billion cardholders to purchase cryptocurrency directly on-chain. This collaboration represents a significant step for Mastercard into the Web3 and decentralized finance ecosystems.
The rollout involves several Web3 partners, including Shift4 Payments, Swapper Finance, XSwap, and ZeroHash. ZeroHash is facilitating the conversion of fiat currency into cryptocurrency by supplying on-chain liquidity. Chainlink confirmed that the version available through Swapper Finance is entirely non-custodial and utilizes account abstraction to ensure on-chain purchases feel familiar to mainstream users.