Mastercard Picks Polygon to Bring Verified Usernames to Self-Custody Wallets
Mastercard (MA) has chosen Polygon to energy a brand new system that lets individuals ship crypto to verified usernames as an alternative of lengthy pockets addresses, the businesses mentioned on Tuesday.
Mastercard Crypto Credential standardizes how blockchain addresses are verified by enabling human-readable aliases that correspond to a verified particular person, the corporate mentioned in a an emailed press launch.
Mercuryo, a crypto cost API agency, will carry out id verification and subject the aliases, which customers can then hyperlink to their self-custody wallets.
The strategy, which mirrors how individuals ship cash by apps that use usernames as an alternative of financial institution particulars, entails issuing customers a singular identify they’ll hook up with their pockets. They will additionally request a token on Polygon that reveals their pockets helps verified transfers and helps apps route credential-based transactions.
The lengthy, advanced nature of crypto pockets addresses can show a barrier to entry for brand spanking new customers, which firms have tried to sort out with extra user-friendly choices like QR codes or companies that exchange advanced strings with easy, readable names and even cellphone numbers.
“By streamlining pockets addresses and including significant verification, Mastercard Crypto Credential is constructing belief in digital token transfers,” mentioned Raj Dhamodharan, Govt Vice President of Blockchain & Digital Property at Mastercard. “Bringing Mercuryo and Polygon’s capabilities along with our infrastructure makes digital belongings extra accessible and reinforces Mastercard’s dedication to delivering safe, intuitive, and scalable blockchain experiences for customers worldwide.”
Polygon’s community will course of these transfers at pace and with low charges. Mastercard mentioned the community can deal with a excessive throughput able to supporting real-world funds at scale.
