Mastercard and Mercuryo have released a new tool designed to make crypto transfers safer.
According to the announcement, the service removes the need for long wallet addresses and allows users to link their wallets to a single name that works across multiple networks. To get started, users only need to complete KYC, which helps reduce the risk of fraud and mistaken transactions.
“Mastercard Crypto Credential allows users to send assets to a verified identifier. This approach prevents common mistakes when copying addresses and speeds up transactions. A user creates a single name, links their addresses to it, and uses it for receiving and sending funds,” the statement says.
The concept resembles Ethereum Name Service (ENS), but there are important differences:ENS is a decentralized domain-name system.
- Mastercard Crypto Credential is a corporate identifier system. It is not a domain name and not an open protocol, but infrastructure built into Mastercard’s corporate standard.
- ENS registration does not require KYC.
- ENS is fully on-chain.
- Mastercard’s service checks blockchain compatibility. ENS does not verify what a user sends or to which network, even if it is the wrong one.
Mastercard notes that every Crypto Credential user undergoes identification. This enables transfers only between verified participants, increasing the overall security level of the ecosystem.
