Payment giant Mastercard, in collaboration with Polygon Labs and Mercuryo, has expanded its Crypto Credential system to include self-custody wallets. This solution allows for the replacement of lengthy addresses with short aliases for transaction verification.
Polygon Labs will provide the underlying blockchain infrastructure. Mercuryo will be the first issuer to connect users and conduct KYC checks. Mastercard will offer its own verification framework.
How it works:
- The user completes KYC with Mercuryo and receives an alias.
- This alias is then linked to a self-custody wallet.
- Optionally, a soulbound token can be issued on the Polygon network. This will confirm that the wallet belongs to a verified user.
- Once set up, cryptocurrency can be sent and received using only the alias.
According to Polygon Labs CEO Marc Boiron, this is a moment “when self-custody becomes simple.” He added that blockchain networks can provide the scale, speed, and reliability required by financial services.
Mercuryo representatives stated that the collaboration will bring mass adoption of cryptocurrencies closer, as it offers an accessible way to send and receive digital tokens while maintaining self-custody of assets.
Mastercard noted that Crypto Credential is supported by partnerships within the Web3 ecosystem to ensure the solution’s compatibility with various applications.
Back in October, media reported that Mastercard would acquire the cryptocurrency startup Zerohash for $2 billion.