TheStellarDevelopmentFoundationandglobalpaymentgiantMastercardhaveteameduptoenablethelabelingofremittancesandpeer-to-peertransfersontheStellarnetwork.ThepartnershipwillalsointegrateMastercard’sCryptoCredentialsystemintotheStellarnetwork.
MastercardandtheStellarDevelopmentFoundationagreedonagoalthataimstoembedtheStellarnetworkwithMastercard’sCryptoCredentialSystem.Thesystem’sintegrationwillunlocklegitimateandapprovedinteractionsbetweenotherpublicblockchainnetworksandStellar.
StellarintegratescryptographiccredentialsintotheStellarnetwork
Todayat#Meridian2024inLondon,weannouncedanewpartnershipwith@Mastercardtointegratethecompany’sCryptoCredentialsolutionwiththeStellarnetwork.https://t.co/twivBHsrpt
—Stellar(@StellarOrg)October15,2024
Thetwoentitiesalliedinresponsetoanexistingbarrierinthecomplexuserexperienceofcryptocurrencytransfers.TheCryptoCredentialSystemwillensureusersintheStellarecosysteminitiateandcompletecrypto-poweredtransactionsusingonlytherecipient’semailaddress.Thesystemwillassociatethesenderandtherecipientsbehindthescenestoensurethetransactionexecutesasintendedincompliancewithpaymentregulations.
OncesuccessfullyintegratedintoStellar’sblockchain,theremittancesystemwillunlockarangeofcompliantandsecureutilitiesfordigitalassetwalletproviderslikeCoins.ph,MercadoBitcoin,andWirex.
Thesystemwillalsooverseetrustworthyinteractionsbetweencustomersandbusinesses,ensuringallusersmeetpredeterminedverificationstandards.Thetechnologywillalsopromotecertaintyamongusersbyallowingtheexchangeofmetadataandvitalinformationthatusersmayneedtorelay,especiallywhenexecutingcross-borderpaymentsandinternationaltransactions.
Thetwoentitieswillinitiallyaimtopermitcredentialingforpeer-to-peertransfersandremittancesonStellar’sblockchain.ThedealwillthenextendtoinvestigatinghowSteller’secosystemcanbenefitfromMastercard’sservicestounlocknewandtransformativeapplicationsforWeb3development.
MastercardCryptoCredentialontheStellarnetworksimplifiestransactionsandimprovessecurity,makingblockchaintechnologymoreaccessibleandappealingtomoreusersglobally.
DenelleDixon,CEOoftheStellarDevelopmentFoundation,saidthecollaborationwillmaketransactionsontheStellarnetworkmoreefficientthantheycurrentlyare,allowingthenetworktounlockawiderrangeofusecases.
“CollaboratingwithMastercardtointegrateMastercardCryptoCredentialintotheStellarecosystemwillmaketransferringfundssaferandfaster,enablingawiderangeofusecasesandfurtherdrivingadoptionofblockchaintechnology.”
-DenelleDixon
Mastercardpushesforcryptomainstreamadoption
Mastercardhascontinuouslyspearheadedtheintegrationofcryptocurrenciesandblockchaintechnologyintotraditionalmainstreamfinance.ThemultinationalpaymentcardservicecorporationpioneeredthelaunchoftheCryptoCredentialsystemon29thMaytosimplifycryptotransactionsbyreplacingcomplexblockchainaddresseswithuser-friendlytagssuchasemailaddresses.
Lastmonth,thepaymentcardservicecompanypioneeredanewdebitcardfornon-custodialwalletsthatsupportsmultipledigitalassets,includingBitcoin.TheinnovativedevelopmentwasduetoapartnershipwithMercuryo,aEuropeancryptopaymentsprovider.
TheMastercard-powereddebitcardcalledSpendfacilitatescardownerstospendtheircryptoassetsdirectlyfromtheirwalletsacrossdifferentchains.ThecardfunctionsasatypicaldebitcardwithinteroperabilityacrossMastercard’snetworkofmerchants.TheSpenddebitcardalsointegrateswithGooglePlayandApplePayplatformstofacilitatecryptopaymentsolutionsonline.
cryptopolitan.com