Stellar (XLM) has announced that it has joined the Mastercard Crypto Credential ecosystem with the aim of enabling verified interactions on public blockchain networks.
The Stellar Development Foundation announced a new partnership to integrate Mastercard’s Crypto Credential solution with the Stellar network at the Meridian 2024 conference in London. The collaboration will see Mastercard Crypto Credential, which helps authenticate interactions between consumers and businesses using blockchain networks, join the Stellar ecosystem to enable secure and compliant use cases for crypto wallet providers like Mercado Bitcoin and Wirex.
Stellar and Mastercard’s partnership will initially focus on enabling credentials for remittances and peer-to-peer transfers, combining the user-friendly experience of Mastercard Crypto Credential with the speed and low cost 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. This supports the goal of broader adoption and widespread use,” said Denelle Dixon, CEO of the Stellar Development Foundation.
“We developed Mastercard Crypto Credential to bring more trust and innovation to the digital asset ecosystem. By combining our technology, standards, and infrastructure with Stellar’s blockchain technology, we are paving the way for safer, simpler, and more secure digital assets,” said Raj Dhamodharan, Vice President, Blockchain and Digital Assets, Mastercard.
Following the news, the XLM price rose to $0.094, then dropped to $0.092.