Highlights:
- Stellar and Mastercard team up to integrate Crypto Credential for secure blockchain transactions.
- The partnership focuses on remittances and peer-to-peer transfers within the Stellar ecosystem.
- This collaboration simplifies cryptocurrency transfers, ensuring compliance with regulatory standards.
The Stellar Development Foundation has revealed that they struck a deal that will allow its blockchain system to incorporate the Crypto Credential suite from Mastercard. Stellar’s partnership with Mastercard, made during the Meridian 2024 event held in London, significantly enhances interaction safety in blockchain transactions.
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The primary goal of this partnership is to make cross-cryptocurrency transactions easier and more secure with the help of Mastercard Crypto Credential. The system intends to authenticate engagement between users and enterprises in blockchain domains. It tries to offer conformity to the legal provisions to offer a safer way with increased convenience of making remittances and peer-to-peer transactions.
According to Stellar’s statement, one of the functions of Mastercard Crypto Credential is the ability to make crypto remittances using only the recipient’s email address. This considerably improves the usability process and eliminates one of the key limitations of cryptocurrencies. In the background, Mastercard validates that the destination is sound and meets regulations. Moreover, it can accept adopted digital assets to minimize the dangers in crypto.
Focus on Remittances and Transfers
The partnership between Stellar and Mastercard will focus on remittances and P2P transfers. By using Mastercard’s verification service with Stellar’s low-cost and time-efficient payment platform, this partnership aims to improve user’s experience. To expand this effort, Stellar will build on its cash-to-crypto transaction ramps and reputable partners worldwide.
The CEO of the Stellar Development Foundation, Denelle Dixon, stated:
“This is a great significance in working with Mastercard in a move that will see Mastercard Crypto Credential incorporated into the Stellar ecosystem. Consequently, it will increase safety and also enhance the probability of completion when transacting with funds. Moreover, it will extend its usability in achieving many uses and will go a long way in increasing use of the blocks chain technology.”
It also reveals that the collaboration is believed to create new opportunities to implement Mastercard’s service portfolio on the Stellar network, with blockchain applications beyond simple payment.
Promoting Blockchain Adoption
Mastercard has been actively working to ensure that blockchain technology is adopted in the existing financial systems. The Crypto Credential system was launched earlier this year to help ease the use of cryptocurrencies. It replaces blockchain addresses with more familiar identifiers such as email addresses. This makes blockchain transactions easily achievable for a large number of people, hence demanding more adoption of digital assets.
Raj Dhamodharan, the Executive Vice President of Blockchain and Digital Assets at Mastercard, stated:
“We designed Mastercard Crypto Credential to bring trust and innovation to digital assets. Through integrating our technology, standards and infrastructure with Stellar, our focus on utilizing blockchain for powering commerce is making digital assets safer, simpler and more secure.”
This collaboration is timely as blockchain advances, presenting even more secure, compliant and easy-to-use solutions. Coins.ph, Mercado Bitcoin and Wirex that are already interfacing with the Stellar network will benefit from enhanced security and clear compliance and regulatory frameworks offered by Mastercard’s Crypto Credential.
Mastercard Partners with Alchemy Pay for Enhanced Security and Fraud Detection
In July, Mastercard partnered with Alchemy Pay to enhance security and improve fraud detection. The partnership utilizes Mastercard’s account opening solution, which uses machine learning to identify fraudulent activities. Moreover, the collaboration aims to strengthen Alchemy Pay’s risk management by verifying users based on risk profiles, ensuring a smooth registration process.
Integrating Mastercard’s API will enhance the security of Alchemy Pay’s platform features, including NFT checkout and Crypto Card Solutions. This system will prevent malicious entities from accessing these services, boosting overall security and fraud prevention capabilities.
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