- Mastercard integrates Crypto Credential solution with Stellar network -
Collaboration aims to make cryptocurrency transactions user-friendly and secure
- Stellar and Mastercard partnership to enable faster, safer, and more accessible blockchain technology -
Stellar Development Foundation CEO and Mastercard executive comment on the integration
Coins.ph, Mercado Bitcoin, and Wirex CEOs express support for the collaboration
- About Stellar and the Stellar Development Foundation -
Stellar Development Foundation has partnered with Mastercard to integrate the Mastercard Crypto Credential solution into the Stellar network. This integration will be used by crypto wallet providers such as Coins.ph, Mercado Bitcoin, and Wirex to facilitate secure and compliant crypto remittances and peer-to-peer transfers. The collaboration aims to make cryptocurrency transactions more user-friendly and secure, fostering wider adoption and mainstream use of blockchain technology. Stellar and Mastercard will also explore leveraging Mastercard’s services on the Stellar network for innovative blockchain applications. The collaboration is seen as a significant step forward in enhancing the accessibility and appeal of blockchain technology to a broader audience.
Coins.ph, Mercado Bitcoin and Wirex will use Mastercard Crypto Credential on Stellar
San Francisco, 15 October, 2024 – At Meridian 2024 in London, U.K., the Stellar Development Foundation announced a new partnership with Mastercard to integrate the company’s Crypto Credential solution with the Stellar network. Mastercard Crypto Credential, which helps verify interactions among consumers and businesses using blockchain networks, will be embedded in the Stellar ecosystem as the exclusive credentialing solution to enable a range of secure, compliant use cases for crypto wallet providers including Coins.ph, Mercado Bitcoin, and Wirex.
Today, the user experience of cryptocurrency transfers is still complex, which can create a barrier to adoption. With Mastercard Crypto Credential, crypto remittances can be simply initiated using the recipient’s email address. Behind the scenes, Mastercard Crypto Credential ensures the destination is valid, that it can accept the selected digital asset, and complies with regulatory requirements. Mastercard Crypto Credential confirms interactions among consumers and businesses, providing some peace-of-mind that a user has met a set of verification standards. The solution also brings more trust and certainty to the process through the exchange of metadata and supports transferring the information needed for cross-border transactions.
Stellar and Mastercard work will initially focus on enabling credentialing for remittances and peer-to-peer transfers – pairing the user-friendly experience of Mastercard Crypto Credential with the Stellar network’s fast settlement times and low fee structure. As an extension of the partnership, Mastercard and Stellar will explore how Mastercard’s wide range of services can be leveraged on the Stellar network, opening doors for additional new and innovative applications of blockchain technology. This collaboration marks a significant step forward in making cryptocurrency transactions more user-friendly and secure.
The integration demonstrates the power of partnership to develop the future of blockchain technology. By simplifying transactions and enhancing security, the integration of Mastercard Crypto Credential into the Stellar network is helping to make blockchain technology more accessible and appealing to a broader audience, with the goal of fostering wider adoption and mainstream use.
QUOTE SHEET
“The Stellar network was designed to be fast, affordable and to demonstrate blockchain technology’s ability to solve real problems for people,” said Denelle Dixon, CEO of the Stellar Development Foundation. “Collaborating with Mastercard to integrate Mastercard Crypto Credential into the Stellar ecosystem will make transferring funds safer and faster, enabling a wide range of use cases and further driving adoption of blockchain technology.”
“We designed Mastercard Crypto Credential to bring more trust and innovation to the digital assets ecosystem,” said Raj Dhamodharan, executive vice president, Blockchain & Digital Assets at Mastercard. “Bringing our technology, standards and infrastructure together with Stellar’s commitment to powering commerce using blockchain technology, we are paving the way for safer, simpler, and more secure digital assets.”
“As the largest exchange in the Philippines, Coins.ph is at the forefront of driving innovation in the financial landscape, making Mastercard’s Crypto Credential on Stellar a perfect fit for us. In 2023, remittances to the Philippines reached $37.2 billion, highlighting the vast potential to bring millions on-chain—many of whom will experience the benefits of crypto for the first time, starting with fast and low-cost cross-border