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Mastercard Launches New ‘Crypto Credentials’ Service to Easily Transfer Cryptocurrency

Mastercard has launched its new “Crypto Credentials” service, which aims to simplify peer-to-peer encrypted transfers by replacing addresses with simple aliases.

The service, announced in a press release on May 29, is now available and allows users of participating cryptocurrency exchanges to send and receive digital assets using user-friendly aliases. It is purportedly a less confusing alternative to long and complex alphanumeric blockchain addresses that are difficult to distinguish from one another. The company wrote in a tweet:

Mastercard Crypto Credential has launched its first peer-to-peer transactions! This solution not only replaces complex wallet addresses with user-friendly aliases, but also makes sending #blockchain transactions secure, transparent, and easily accessible.

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The Crypto Credential service verifies users and assigns them aliases. When a user sends cryptocurrency, the software checks the alias for validity and ensures protocol compatibility before sending the assets.

If the recipient’s address is not compatible with the asset being sent, the transaction will not be processed. This will prevent the loss of funds due to user error – a common occurrence in the crypto space. Aliases can also prevent address poisoning scams, where attackers trick wallet users into sending coins to addresses that look similar.

As ReadWrite reported earlier this month, a cryptocurrency trader recently lost tens of millions of dollars as a victim of a sophisticated “address poisoning” scam, in which scammers create fake accounts that mimic the first and last characters of a victim’s address.

Because addresses are long and easily obfuscated, only the first and last few characters of an address are usually checked before sending assets. Therefore, by interacting with a victim who uses a similar address, the victim is likely to mistakenly send assets to one of these addresses.

Currently, the Crypto Credential service is available on Bit2Me, Lirium and Mercado Bitcoin exchanges, but there is a clear lack of adoption on top exchanges such as Binance and Coinbase. The service will soon be available in Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay, with more European countries to be added in the future. Martin Kopacz, COO of Lirium, said:

With Mastercard CryptoCredentials, we can ensure traceability of all blockchain transactions and have greater compliance while providing a superior user experience.

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