Blockchain network Stellar implemented Mastercard’s Crypto Credential solution to enhance transaction verification on the network. The integration is designed to increase the security of crypto transfers on Stellar.
The Stellar Development Foundation announced the integration of Mastercard’s Crypto Credential solution, an alias-based data authentication system, into the blockchain to introduce tools for transaction verification and ensure the identification and verification of process participants.
According to the press release, Mastercard’s solution will enable Stellar to improve the security of crypto transfers by increasing the level of trust between transaction participants. Crypto Credential will allow Stellar users to comply with regulatory requirements when using Coins.ph, Mercado Bitcoin, and Wirex wallets. The integration of Mastercard’s ID system will also create additional opportunities for organizations and individuals using digital assets on the Stellar network for cross-border transfers and other financial transactions.
The main goal of the collaboration is to build a more robust ecosystem for the exchange of digital assets, which will reduce fraudulent transactions and increase the overall transparency of crypto operations. According to Raj Dhamodharan, Executive VP of Blockchain & Digital Assets at Mastercard, the combination of Stellar and Mastercard’s technology will provide the e-commerce sector with more secure and simpler solutions for financial transactions using digital assets.
Denelle Dixon, CEO of the Stellar Development Foundation, claims that working with Mastercard will increase global trust in cryptocurrencies, as Crypto Credential will help Stellar simplify compliance processes and reduce risks associated with illegal transactions.
The Crypto Credential solution was launched by Mastercard in May 2024 to allow users to use aliases instead of crypto addresses for blockchain transactions.
