In Brief
- Mastercard is enhancing its Crypto Credential program to support self-custody cryptocurrency wallets.
- Users will be able to send and receive crypto using human-readable aliases instead of complex wallet addresses.
- Polygon will be the initial blockchain partner for this expansion, with Mercuryo managing identity verification.
- This initiative aims to simplify and increase the security of crypto transfers, reducing common user errors.
Mastercard Expands Crypto Credentials for Self-Custody Wallets
Mastercard is significantly broadening the reach of its Crypto Credential program by integrating support for self-custody wallets. This new feature will empower users to send and receive cryptocurrencies using clear, username-style aliases, a welcome alternative to the lengthy and often error-prone wallet addresses.
The initial rollout of this enhanced program will be facilitated by Polygon, marking the first blockchain to support the initiative. The payments firm Mercuryo will play a crucial role in the process, handling the identity verification necessary to issue these user-friendly aliases.
“By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers,” stated Raj Dhamodharan, executive vice president of blockchain and digital assets at Mastercard. This move underscores Mastercard’s commitment to fostering greater confidence in the burgeoning digital asset space.
Once an individual’s identity has been verified by Mercuryo, they will have the capability to link a human-readable alias to their self-custody wallet. Alternatively, users can request a soulbound token on the Polygon blockchain, which serves as proof of their verified identity associated with the wallet.
Enhancing Security and Simplicity in Crypto Transfers
Mastercard’s strategic move is designed to address the prevalent issues arising from manual entry errors associated with long hexadecimal wallet addresses. The program aims to emulate the user experience of traditional payment systems, making digital asset transfers more accessible and less prone to mistakes.
Marc Boiron, CEO of Polygon Labs, commented on the development: “This partnership marks the moment when self-custody becomes simple.” This highlights the program’s objective of democratizing secure crypto management.
Mercuryo, serving as the inaugural issuer for the Crypto Credential program, noted that this launch responds to a growing demand for crypto solutions that are both secure and intuitive. Importantly, these solutions must allow users to retain sovereignty over their digital assets without compromising on ease of use.
Mastercard has been actively expanding its cryptocurrency initiatives throughout 2024 and 2025. Recent developments include the launch of debit cards in partnership with Kraken across Europe and a collaboration with MetaMask on a self-custody payments card.
Broadening Web3 Integration Through Partnerships
In June, Mastercard announced a significant collaboration with Chainlink, enabling its vast network of three billion cardholders to purchase cryptocurrencies directly on-chain. This partnership represents one of the credit card giant’s most substantial entries into the Web3 ecosystem.
The success of this new crypto credential rollout relies on the contributions of various Web3 partners, including Shift4 Payments, Swapper Finance, XSwap, and ZeroHash. ZeroHash specifically provides the on-chain liquidity required to convert fiat currencies into cryptocurrencies. Chainlink confirmed that the version of the service offered through Swapper Finance is entirely non-custodial and utilizes account abstraction to provide a familiar experience for everyday users.
Expert Summary
Mastercard’s expansion of its Crypto Credential program to self-custody wallets, starting with Polygon and Mercuryo, introduces username-style aliases for crypto transactions. This initiative aims to simplify transfers, reduce errors, and enhance security, aligning with Mastercard’s broader strategy to increase its presence in the digital asset space through various partnerships.
