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Stellar teams up with Mastercard to integrate Crypto Credential

Stellar teams up with Mastercard to integrate Crypto Credential

GrafaGrafa2024/10/16 06:00
By:Liezl Gambe

The Stellar Development Foundation has announced a partnership with Mastercard to integrate the Crypto Credential system into the Stellar (CRYPTO:XLM) network. 

This collaboration aims to simplify cryptocurrency transfers, enhance security, and expand the network’s use cases, bridging traditional and digital finance.

Through this partnership, Mastercard’s Crypto Credential system will be embedded within Stellar, allowing for compliant and secure transactions between Stellar and other blockchain networks. 

By streamlining the process, users can initiate transfers using simple identifiers, like email addresses, rather than complex blockchain addresses. 

This integration seeks to make transactions more straightforward while ensuring adherence to regulatory standards.

Initially, the focus will be on enabling credentialing for peer-to-peer transfers and remittances within the Stellar ecosystem. 

The system will also support digital asset wallet providers, including Coins.ph, Mercado Bitcoin, and Wirex, ensuring they can offer secure and compliant services. 

Additionally, the collaboration will facilitate trustworthy interactions between customers and businesses by setting verification standards and enabling the exchange of essential information, particularly for cross-border payments.

Denelle Dixon, CEO of the Stellar Development Foundation, remarked, “Collaborating with Mastercard to integrate Mastercard Crypto Credential into the Stellar ecosystem will make transferring funds safer and faster, enabling a wide range of use cases and further driving adoption of blockchain technology.”

Mastercard’s involvement reflects its ongoing efforts to integrate digital currencies within traditional finance. 

Earlier this year, the company introduced the Crypto Credential system to simplify blockchain interactions by replacing complex addresses with user-friendly tags. 

Moreover, Mastercard partnered with Mercuryo to launch the Spend debit card for non-custodial wallets, enabling users to transact across multiple blockchains. 

This card can be integrated with popular payment platforms, including Google Play and Apple Pay.

At the time of writing, the Stellar (XLM) price was $0.09288.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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