[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"5666b92f-0b34-4a63-b0c0-f302d0c9eff4","updated_at":"2024-05-30T04:52:17.594+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Mastercard ditches crypto's confusing codes for usernames, making sending crypto as easy as sending money to a friend. This is the first step in their crypto play, hinting at a future with NFTs and new payment options.","sapo":"Mastercard's new "Crypto Credential" replaces confusing crypto addresses with usernames, making sending and receiving crypto easier and safer for everyday users. This launch marks Mastercard's growing involvement in the cryptocurrency space.","title":"Exchange Just Got Easier: Mastercard Launches Crypo Credential","content":"

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Mastercard is making cryptocurrency less intimidating for everyday users with its new "Crypto Credential" service. This program replaces complex blockchain addresses and long strings of random characters with user-friendly aliases.

Imagine sending money to your friend "JohnB" instead of a cryptic code. That's the idea behind Crypto Credential. Launched this week, the service allows users on select crypto exchanges to send and receive digital assets using these aliases.

***1795848464695451776***

This innovation goes beyond convenience. Mastercard highlights that Crypto Credential also enhances security. Transactions are verified through Mastercard's standards, preventing accidental transfers to the wrong address. This is especially helpful in combating "address poisoning" scams, where hackers trick users into sending crypto to a look-alike address.

Currently, it is being offered on Bit2Me, Lirium, and Mercado Bitcoin, although further expansions are set in various South American and European countries. This is just the debut of Mastercard in the crypto space. The company understands crypto credentials as an entry point for other blockchain solutions such as NFTs, tickets, and future payment types.

This move comes alongside Mastercard's recent participation in a consortium exploring distributed ledger technology for settling digital asset transfers between banks. Mastercard is positioning itself as a major player in the evolving cryptocurrency world with these initiatives.

Some other banks and their use of cryptocurrencies:

JPMorgan Chase: JPMorgan Chase introduced JPM Coin to settle transactions between clients, showcasing a practical use case for blockchain in banking.
Swiss Banks: UBS and Julius Baer, Swiss banks, started offering crypto services including custody, trading, and investments, catering to high-net-worth clients.
Standard Chartered: Standard Chartered announced plans to launch a crypto custody service for institutional investors, indicating growing acceptance of cryptocurrencies.
Goldman Sachs: Goldman Sachs relaunched its crypto trading desk, signaling a shift in attitude towards cryptocurrencies within the institution.
BNY Mellon: BNY Mellon launched a digital asset custody unit, marking a significant step towards mainstream adoption of cryptocurrencies by traditional financial institutions.

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Exchange Just Got Easier: Mastercard Launches Crypo Credential

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