Mastercard Partners with Polygon to Build New Cryptocurrency Transfer System

BlockBeats News, November 18th, according to Coindesk, Mastercard has chosen Polygon to build a new encrypted transfer system, enabling cryptocurrency transfers using a readable username instead of complex wallet addresses.

According to a press release from Mastercard, its "Cryptographic Proof" technology has standardized blockchain address verification by creating human-readable aliases for verified users. The encrypted payment API company Mercuryo will be responsible for identity verification and alias issuance, allowing users to bind these aliases to their self-hosted wallets.

This model mimics the operation logic of applications that use usernames instead of bank account information for transfers, where the system assigns a unique name that can be linked to a wallet for users. Users can also apply to generate credential tokens on Polygon, demonstrating support for wallet verification for transfers and assisting applications in completing credential-based transaction routing.