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Stellar (XLM), a competitor to XRP, is joining forces with Mastercard’s cryptocurrency payment solution.
Mastercard Crypto Credential is designed to facilitate verification for transactions between consumers and businesses via blockchain networks.
This service allows users to transfer crypto by using a recipient’s email, eliminating the need for a lengthy blockchain address.
In a recent press release, it was announced that Stellar and Mastercard are collaborating to enhance remittances and peer-to-peer transfers by integrating Crypto Credential within the blockchain ecosystem.
The Stellar Development Foundation explains,
“As part of this alliance, Mastercard and Stellar will investigate how a variety of Mastercard services can be utilized on the Stellar network. This will pave the way for further innovative applications of blockchain technology.”
This partnership will make Mastercard Crypto Credential accessible to exchanges and digital asset wallet providers including Coins.ph, Mercado Bitcoin, and Wirex.
Wei Zhou, CEO of Coins.ph, indicates that this collaboration is a “perfect fit” for his exchange, which operates out of the Philippines.
“In 2023, remittances to the Philippines peaked at $37.2 billion, showcasing enormous potential to onboard millions into the crypto space — many of whom will experience the advantages of cryptocurrency for the first time, starting with swift and cost-effective cross-border transactions enabled by our collaboration.”
Mastercard launched Crypto Credential in 2023. The payment solution went live with its initial peer-to-peer pilot transactions earlier this year.
Currently, XLM is priced at $0.0951. This cryptocurrency, ranked 37th by market capitalization, has seen an increase of nearly 3% over the last 24 hours.
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