Payment giant Mastercard announced the pilot launch of its Crypto Credential service for cryptocurrency transfers between users.
Before conducting a transaction, each client will receive a readable identifier similar to ENS domains. Participants will not need to provide cumbersome cryptocurrency wallet addresses, and Mastercard guarantees the verification of each user.
“Crypto Credential notifies which assets or networks are supported by the recipient, enhancing trust and confidence in these transactions,” the company stated.
The service supports both domestic and international transfers, complying with the Travel Rule, which involves collecting and storing transaction information.
Currently, the service is available to users of the bitcoin exchanges Bit2Me, Lirium, Mercado, as well as the wallets Foxbit and Lulubit in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.
In the future, beyond P2P transactions, Crypto Credential plans to support NFT transfers, ticket purchases, and other payment solutions.
In April, Mastercard, in collaboration with DeFi project 1inch Network and Crypto Life, introduced a debit Web3 card.