The Mastercard Crypto Credential service added support for self-custody crypto wallets, enabling users to send and receive digital assets using simple usernames instead of long wallet addresses.
Mastercard announced the expansion of its Crypto Credential service, which can now be integrated with non-custodial wallets. FinTech company Mercuryo and blockchain developer Polygon Labs are participating in the project. The update allows users to send and receive crypto via short, verified aliases.
Launched in 2024, Mastercard Crypto Credential is designed to verify interactions between users and companies in the blockchain space. It replaces long, complex wallet addresses with short aliases, making crypto transfers as convenient as traditional money transfers.
Support for self-custody wallets marks the next stage of the global rollout of Mastercard Crypto Credential. Polygon Labs will provide the underlying blockchain infrastructure, while Mercuryo will handle user onboarding and KYC checks. Combined with Mastercard’s verification system, the partnership delivers a comprehensive solution for fast and low-cost crypto transfers.
How the system works:
- User onboarding. Mercuryo performs KYC checks and issues a verified alias for use within Mastercard Crypto Credential.
- Wallet linking. After verification, the user links their self-custody wallet to the issued alias.
- On-chain confirmation. Users can request a Soulbound token on the Polygon network, confirming that the wallet meets compliance requirements, including the Travel Rule, and belongs to a verified user.
The feature enabling users to receive cryptocurrency via aliases is already available, while sending will become available in the near future.
Raj Dhamodharan, Executive VP of Blockchain & Digital Assets at Mastercard, noted that the service adds trust to the transfer of digital tokens and makes digital assets more accessible.
Mercuryo Co-Founder and CEO Petr Kozyakov emphasized that the partnership will accelerate mass adoption of crypto technologies, as users will be able to make transfers while maintaining full control over their assets.
Polygon Labs CEO Marc Boiron stated that the project demonstrates that blockchain infrastructure is becoming a reliable foundation for the Web3 industry and is ready to scale for billions of users.
Mastercard is actively integrating stablecoins into cross-border payments, supporting the issuance of crypto cards in partnership with various companies, and enabled direct cryptocurrency purchases through decentralized exchanges.
