Soon, you can forget about getting hassled about the endless strings of letters and numbers of a crypto wallet address. Mastercard just made sending cryptocurrency as simple as texting a friend.
The payment giant announced on Tuesday that it is introducing username-style self-custody crypto wallets through its Crypto Credential program. This means that instead of sending crypto to long and confusing wallet addresses (like 0x9f8a…b3d2) that are confusing and easy to mess up, users will be able to send it to wallets with a normal username, like @john or @mary.
Polygon’s blockchain will power the initial rollout, while global payments ecosystem Mercuryo will handle the identity checks behind the scenes.
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Simple Names, Serious Security
Users can link the readable aliases to their wallets after passing a verification system. “By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in the digital token transfers,” explained Raj Dhamodharan, Mastercard’s executive vice president overseeing blockchain initiatives.
The system will also give users a special kind of token (called soulbound) on the Polygon network. This token will work like a permanent ID card, which will stick forever to a wallet to prove the user’s identity. The soulbound token is a special token that can’t ever be transferred, sold, or taken away, as it’s locked to a wallet for life. It works like a permanent and tamper-proof ID badge. Normal wallets allow users to have their private keys, but they play no role in proving the identity.
The development is another chapter added to Mastercard’s aggressive crypto expansion. The company recently launched Kraken-partnered debit cards across Europe and teamed with MetaMask on self-custody payment solutions.
