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Quick take:
Mastercard Crypto Credentials uses the crypto payment API firm Mercuryo to support verified username transfers for self-custody wallets.
The Polygon blockchain ties issued aliases to users’ on-chain identities.
Mastercard said it chose Polygon because the network can handle a high throughput capable of supporting real-world payments at scale.
Mastercard has chosen Polygon as the blockchain to power Mastercard Crypto Credentials, a new system that brings verified usernames to self-custody wallets. According to the announcement on Tuesday, the system allows users to crypto to verified usernames instead of long wallet addresses.
The new system will leverage Mercuryo’s crypto payments API infrastructure to support verified username transfers for self-custody wallets, while the Polygon blockchain ties issued aliases to users’ on-chain identities.
Mastercard is trying to replicate a concept already tried and proven in traditional banking, where names, phone numbers, or email addresses are used instead of bank details. The blockchain-based system issues users a unique name, which they can connect to their wallets.
Users can also request a token on Polygon that shows their wallet supports verified transfers and helps apps route credential-based transactions, CoinDesk reported.
Commenting on the announcement, Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard, said: “By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers.”
“Bringing Mercuryo and Polygon’s capabilities together with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to delivering secure, intuitive, and scalable blockchain experiences for consumers worldwide.”
Mastercard said it chose Polygon because the network can handle a high throughput capable of supporting real-world payments at scale.
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