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Stellar (XLM) announced that it has joined the Mastercard Crypto Credential ecosystem to enable verified interactions on public blockchain networks.
The Stellar Development Foundation announced a new partnership with Mastercard to integrate the company’s Crypto Identity Credential solution with the Stellar network at the Meridian 2024 conference in London.
With this partnership, Mastercard Crypto Credential, which helps authenticate interactions between consumers and businesses using blockchain networks, will join the Stellar ecosystem as a dedicated credential solution to enable a range of secure and compliant use cases for crypto wallet providers such as Mercado Bitcoin and Wirex.
Stellar and Mastercard’s partnership will initially focus on enabling credentials for remittances and peer-to-peer transfers, bringing the user-friendly experience of Mastercard Crypto Credential together with the speed and low fee structure of the Stellar network.
“Mastercard Crypto Credential’s integration into the Stellar network helps make blockchain technology more accessible and appealing to a broader audience by simplifying transactions and increasing security, and is intended to encourage broader adoption and widespread use.”
“The Stellar network is designed to be fast, affordable, and demonstrate the ability of blockchain technology to solve real people’s problems,” said Denelle Dixon, CEO of the Stellar Development Foundation. “Collaborating with Mastercard and integrating Mastercard Crypto Credential into the Stellar ecosystem will make transferring funds safer and faster, enable a wide range of use cases, and further increase the adoption of blockchain technology.”
“We designed Mastercard Crypto Credential to bring greater trust and innovation to the digital asset ecosystem,” said Raj Dhamodharan, Vice President, Blockchain and Digital Assets, Mastercard. “By combining our technology, standards, and infrastructure with Stellar’s commitment to powering commerce using blockchain technology, we are paving the way for safer, simpler, and more secure digital assets.”
Following the news, XLM rose to $0.094 and then fell to $0.092.
*This is not investment advice.