Coins.ph, Mercado Bitcoin, and Wirex are teaming up with Mastercard to bring Crypto Credential to the Stellar network.
On October 15, 2024, at Meridian 2024 in London, the Stellar Development Foundation announced this exciting partnership. They will integrate Mastercard's Crypto Credential solution into the Stellar ecosystem. This will be the exclusive credentialing tool for crypto wallet providers like Coins.ph, Mercado Bitcoin, and Wirex.
Right now, transferring cryptocurrency can be tricky. This complexity often holds back wider adoption. But with Mastercard Crypto Credential, users can start crypto remittances just by using the recipient’s email address. Behind the scenes, it verifies the destination and checks if it can accept the chosen digital asset while ensuring compliance with regulations.
Mastercard Crypto Credential helps confirm interactions between consumers and businesses. This gives users peace of mind, knowing they’ve met important verification standards. It also boosts trust by exchanging metadata, which supports the information needed for cross-border transactions.
The initial focus of the Stellar and Mastercard collaboration will be on remittances and peer-to-peer transfers. They aim to combine the user-friendly features of Mastercard Crypto Credential with the Stellar network’s fast settlement times and low fees. Additionally, they will explore how Mastercard’s wide range of services can be utilized on the Stellar network, opening doors for innovative blockchain applications.
This collaboration marks a significant step in making cryptocurrency transactions easier and more secure. The Stellar network already has a vast array of on-and-off-ramps that facilitate cash-to-crypto transactions worldwide. Plus, it connects users with trusted financial institutions that offer various regulated, tokenized real-world assets.
Denelle Dixon, CEO of the Stellar Development Foundation, said, “The Stellar network was designed to be fast and affordable. It shows how blockchain technology can solve real problems for people. Working with Mastercard to integrate Crypto Credential will make transferring funds safer and quicker, enabling many use cases and driving blockchain adoption.”
Raj Dhamodharan, Mastercard's executive vice president for Blockchain & Digital Assets, added, “We created Crypto Credential to bring more trust and innovation to the digital assets space. By combining our technology and standards with Stellar’s commitment to blockchain commerce, we’re paving the way for safer and simpler digital assets.”
Wei Zhou, CEO of Coins.ph, shared, “As the largest exchange in the Philippines, Coins.ph is at the forefront of financial innovation. With remittances to the Philippines reaching $37.2 billion in 2023, we see huge potential to bring millions on-chain. Many will experience crypto benefits for the first time through our collaboration, starting with fast and low-cost cross-border transactions.”
Fabrício Tota, senior vice president at Mercado Bitcoin, said, “Partnering with Mastercard and Stellar through Crypto Credential allows us to offer our customers secure, compliant, and seamless crypto transactions. This strengthens our ability to innovate and connect traditional finance with blockchain solutions in Brazil and beyond.”
Pavel Matveev, Co-Founder of Wirex, stated, “Joining Mastercard’s Crypto Credential on Stellar is a major evolution for Wirex. By integrating with such a strong network, we can make crypto more accessible for everyday financial needs. We believe this collaboration will lead to even more innovative blockchain applications and drive the future of digital payments.”
The Stellar network is more than just a blockchain. It’s designed to be fast, scalable, and sustainable for financial products and services. Stellar aims to unlock the world’s economic potential through blockchain technology, providing a platform for issuing assets and real-time currency exchanges.
The Stellar Development Foundation (SDF) is a non-profit organization founded in 2014. It supports the growth of Stellar, an open-source network connecting the world’s financial infrastructure. The Foundation maintains Stellar’s codebase, aids the technical and business communities, and advocates for equitable access to the global financial system. For more information, visit stellar.org/foundation.
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