One of the companies with worldwide products, Mastercard, has just launched a new feature which is claimed to make crypto transactions easier and safer.
Based on a report from the X media account Watcher.guru, this feature allows users to send and receive crypto using a special username, and not a wallet address which is usually long and complicated.
Currently, the Crypto Credential Mastercard feature can be used on the Bit2Me, Lirium and Mercado Bitcoin exchanges. With the presence of this feature, blockchain transactions between Latin America and Europe can be carried out more safely and efficiently.
"We are proud to continue to strengthen our partnership with Mastercard. We share a commitment to innovation and the development of payment solutions through crypto assets," said Bit2Me CEO and co-founder Leif Ferreira.
The way this feature works is quite simple. First, the exchange will verify the user according to Mastercard standards. After verification, the user will be given an alias that can be used to send and receive funds on all exchanges that support this feature.
"So when a user wants to send funds, Mastercard Crypto Credential will ensure that the recipient's alias is valid and that the recipient's wallet supports the digital asset and blockchain being used. If not, the sender will be notified and the transaction will not proceed, so the funds remain safe," Ferreira said.
In addition, he also explained that the Crypto Credential feature will also help ensure secure interactions between consumers and businesses on the blockchain network. This feature ensures that users have met verification standards, and that the recipient's wallet supports the assets sent.
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Meanwhile, Executive Vice President of Product and Engineering at Mastercard Latin America and the Caribbean, Walter Pimenta stated that Mastercard continues to invest in technology and partnerships to deliver secure and easy payments.
“With the growing interest in blockchain and digital assets, it is critical to provide trusted interactions on public blockchain networks. We are excited to work with our partners to unlock the full potential of the Mastercard Crypto Credential feature,” Pimenta said.
Initially, only a select group of crypto wallet users will be able to use the feature. If it goes well, Mastercard plans to expand the feature to more than 7 million users on participating exchanges in the coming months.
