Crypto Credential will allow you to send and receive digital assets using simplified aliases when making transactions instead of long and complex addresses of crypto wallets.
In addition, Crypto Credential authenticates users of cryptocurrency wallets, checks for compliance with security standards, and also confirms the compatibility of the sender's and recipient's wallets. This will save users from having to know which assets or blockchains the wallet supports, reduce errors and increase transaction security.
The functionality is available to users of Bit2Me, Lirium, Mercado Bitcoin, Uphold, Foxbit and Lulabit cryptocurrency wallets who have joined the MasterCard Crypto Credential pilot project.
After the completion of the MasterCard Crypto Credential pilot project, users from 13 countries, including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay, will be able to make cross-border and internal transfers of digital assets in several currencies and blockchains.
Earlier, the MasterCard payment system and several American banks announced the creation of their own Regulated Settlement Network (RSN) with a proof-of-concept (PoC) blockchain.