Mastercard partners with Polygon to simplify on-chain transfer experience and expand the crypto credential system

According to CCN, Mastercard is expanding its crypto credential system to self-custody wallets, partnering with Polygon Labs and Mercuryo to address the long-standing pain points of cryptocurrency: lengthy and error-prone wallet addresses.

Mercuryo is responsible for KYC verification and issuing aliases; Polygon provides blockchain infrastructure to support fast settlements and low fees; Mastercard establishes credential standards to ensure compliance in transfers.

After completing verification, users can link self-custody wallets like MetaMask to readable aliases, as simple as a username. The Executive Vice President of Digital Assets at Mastercard stated that this move aims to simplify wallet addresses, build trust, and lower the entry barrier for newcomers. The next phase will involve adding more verification providers and expanding to other blockchain networks, marking an important attempt by traditional financial institutions to integrate blockchain technology.