Locally licensed crypto exchange Coins.ph has partnered with Mastercard and the Stellar Development Foundation to integrate Mastercard’s Crypto Credential solution into the Stellar blockchain network.
What’s the significance: This partnership aims to make cross-border crypto remittances faster, cheaper, and more secure — especially significant for the Philippines, where remittances reached $37.2 billion in 2023.
Key details – How does it work?
- Mastercard’s solution simplifies crypto remittances by allowing users to send money using just the recipient’s email. The system verifies the recipient’s wallet, ensures it can accept the selected digital asset, and confirms compliance with regulatory standards.
- Using the Stellar blockchain, widely known for its fast settlement times low fees, the initiative will have the same effect as the current traditional way of remitting money, only that it becomes faster (via Stellar) and verifiable (via Mastercard).
Key quotes:
“Mastercard’s Crypto Credential on Stellar is a perfect fit for us. The Philippines has massive remittance potential, and this collaboration will bring millions of Filipinos on-chain, offering faster, low-cost transactions.”
Wei Zhou, CEO, Coins.ph
“We designed Mastercard Crypto Credential to bring more trust and innovation to the digital assets ecosystem. Partnering with Stellar enables safer and simpler transactions, driving crypto adoption globally.”
Raj Dhamodharan, EVP, Mastercard
“Our collaboration with Mastercard will make transferring funds safer and faster, further driving blockchain adoption and enabling a variety of new use cases.”
Denelle Dixon, CEO, Stellar Development Foundation
The broader picture
The collaboration is a huge win for all entities involved:
- Mastercard will be able to push legitimacy of digital asset transactions.
- Stellar aims to demonstrate blockchain’s real-world utility.
- Coins.ph scores major partnership points as it pushes for global expansion.
What’s next
- While the initial focus is on remittances, Mastercard and Stellar plan to explore how the services they jointly offer can be expanded within the Stellar ecosystem.
This article is published on BitPinas: Big Moves: Coins.ph Joins Mastercard, Stellar to Make Crypto Transactions More User-Friendly and Secure
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