Skip to content

Mastercard's new 'Crypto Credential' service aims to simplify crypto transfers

Mastercard's new 'Crypto Credential' service aims to simplify crypto transfers
Mastercard launches Crypto Credential service to simplify peer-to-peer crypto transfers using user-friendly aliases.

Table of Contents

Mastercard Launches New Crypto Credential Service for Simplified Peer-to-Peer Transfers

In a recent press release, Mastercard has introduced its new "Crypto Credential" service, which aims to streamline peer-to-peer crypto transfers by replacing complex addresses with user-friendly aliases. The service, which has already been launched, allows users of participating crypto exchanges to send and receive digital assets using these aliases, making transactions more secure and accessible.

The approach of the Crypto Credential service involves verifying users and assigning them an alias, which is then checked for validity and protocol compatibility before sending the assets. This system aims to prevent the loss of funds due to user error and protect against address poisoning scams, which have recently resulted in significant losses for cryptocurrency traders.

The service is currently available at select exchanges, with plans to roll out in several countries in the near future. Despite this, top exchanges such as Binance and Coinbase have not yet adopted the service. Martin Kopacz, chief operating officer of Lirium, one of the participating exchanges, expressed optimism about the new service, emphasizing its potential to enhance compliance and user experience in blockchain transactions.