Mastercard has introduced a new service that will allow users to make cross-border transfers using cryptocurrency. The service, called Crypto Credentials, enables banks and other financial institutions to securely store and verify a user’s cryptocurrency information, such as their wallet address and transaction history. This will make it easier for users to make transactions across borders, as they will no longer need to provide their cryptocurrency credentials each time they want to make a transfer.
According to Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard, the new service will help bridge the gap between traditional financial systems and cryptocurrencies. He added that the service will provide a seamless experience for users, enabling them to easily access and use their crypto assets for cross-border transactions.
To use the Crypto Credentials service, users must first authenticate their cryptocurrency wallet through their bank or financial institution. Once authenticated, their wallet address and transaction history are securely stored and verified by Mastercard. This information can then be used to facilitate cross-border transactions, with the user’s crypto assets automatically converted into the currency of the recipient’s country.
The introduction of Crypto Credentials marks another step towards the mainstream adoption of cryptocurrencies by major financial institutions. Mastercard has been increasingly involved in the cryptocurrency space in recent years, with the company announcing plans to support cryptocurrencies on its network in 2021. With the launch of Crypto Credentials, Mastercard is further cementing its position as a leader in the crypto industry.
