Mastercard (MA) has chosen Polygon to power a new system that lets people send cryptocurrencies to verified usernames instead of long wallet addresses, the companies announced Tuesday.
Mastercard Crypto Credential standardizes how blockchain addresses are verified by enabling human-readable aliases that match a verified person, the company said in an emailed press release.
Mercuryo, a crypto payments API company, will perform identity verification and issue the aliases, which users can then link to their custodial wallets.
The approach, which mirrors the way people send money through apps that use usernames instead of banking details, involves giving users a unique name that they can connect to their wallet. They can also request a token on Polygon that shows their wallet supports verified transfers and helps apps route credential-based transactions.
The long and complex nature of crypto wallet addresses can pose a barrier to entry for new users, which companies have tried to overcome with more user-friendly options such as QR codes or services that replace complex strings with simple, readable names or even phone numbers.
“By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential builds trust in digital token transfers,” said Raj Dhamodharan, executive vice president of blockchain and digital assets at Mastercard. “Combining Mercuryo and Polygon’s capabilities with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to delivering secure, intuitive and scalable blockchain experiences to consumers around the world.” »
Polygon’s network will process these transfers quickly and with low fees. Mastercard said the network can handle high throughput, capable of supporting real-world payments at scale.
