Mastercard has launched its Mastercard crypto Credential, enabling its “first pilot peer-to-peer (P2P) transactions” using aliases instead of long and complex blockchain addresses. This new system aims to simplify cryptocurrency transactions for exchange users, offering a more user-friendly approach.
Mastercard crypto Credential verifies interactions between consumers and businesses using blockchain networks, ensuring that users meet verification standards set by Mastercard and confirming that the recipient's wallet supports the transferred asset.
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“Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront,” said Mastercard Executive Vice President of Product and Engineering in Latin America and the Caribbean, Walter Pimenta. “As interest in blockchain and digital assets continues to increase in Latin America and around the world, it is essential to continue providing trusted and verifiable interactions through public blockchain networks. “We are delighted to work with this dynamic set of partners to bring Mastercard crypto Credential closer to realizing its full potential.”
Live trading capabilities are initially enabled on the Bit2Me, Lirium and Mercado bitcoin exchanges, with the aim of facilitating transactions between Latin American and European brokers. Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay can now send domestic and cross-border transfers via multiple currencies and blockchains, according to the crypto-credential-goes-live-with-first-peer-to-peer-pilot-transactions-adds-new-partners-to-the-ecosystem/”>advertisement.
Mastercard said the system also supports the exchange of travel rules information for cross-border transactions, a regulatory requirement to try to prevent illegal activities. The P2P transaction is the first of many use cases that Mastercard crypto Credential aims to support, with potential applications extending to nfts, ticketing and other payment solutions depending on market and compliance requirements, according to the announcement.
“Mercado bitcoin is proud to partner with Mastercard on their innovative crypto Credential pilot,” said Mercado bitcoin owner Roberto Dagnoni. “As a Latin American leader in innovative blockchain solutions, such as real-world assets and the Brazilian CBDC, we believe in Mastercard's initiative and its potential to pave the way to a faster future of global financial transactions.”
The credit card company said that a select group of crypto wallet users will take advantage of the Mastercard crypto Credential on a first-come, first-serve basis, with expanded availability to more than 7 million users on participating exchanges coming in the coming months. .
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