PURCHASE, N.Y.—Mastercard has launched its crypto credentials P2P pilot program in hopes of streamlining crypto transactions and eliminating user error for customers, according to a new report.
The test includes Mastercard's exchange partners Bit2Me, Lirium, Mercado, and wallet provider FoxBit.
Mastercard’s crypto credentials system assigns human-readable “aliases” to individuals, which are verified by Mastercard so that users no longer have to rely on sending and verifying the long string of numbers and letters characterizing traditional wallet addresses, Cointelegraph reported.
Mitigating Financial Losses
“Additionally, the crypto credentials program is attempting to mitigate financial loss by pre-screening transactions to prevent users from sending incompatible crypto assets to the recipient's address,” Cointelegraph report added.
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