Mastercard has announced the launch of a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America. This initiative allows users of supported exchanges to send and receive CRYPTOCURRENCIES using Mastercard crypto Credential aliases, streamlining the transaction process.
Mastercard crypto Credential Pilot
As crypto-credential-goes-live-with-first-peer-to-peer-pilot-transactions-adds-new-partners-to-the-ecosystem/” target=”_blank” rel=”nofollow”>Announced On Wednesday, the platform extends its services to users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay, allowing them to make national and cross-border transfers across multiple currencies and chains of blocks.
This expansion is further boosted by including Foxbit, a crypto wallet provider, and Lulubit, through its integration with Lirium, into the Mastercard crypto Credential pilot ecosystem, reportedly expanding its reach to a broader consumer base.
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The Mastercard crypto Credential acts as a verification mechanism for interactions between consumers and businesses in blockchain networks. It is designed to simplify transactions by exchanging metadata, eliminating the need for users to know the recipient's supported assets and chains.thus increasing trust and security in each transaction.
Additionally, Mastercard crypto Credential complies with regulatory requirements, including the Travel Rule, which promotes transparency and prevents illegal activities in cross-border transactions.
In particular, this framework paves the way for additional use cases in the future, such as Non-fungible tokens (nft), ticketing and other payment solutions based on market demand and compliance standards.
For users, the process begins with the user being verified against Mastercard crypto Credential standards and issuing an alias to transact on all supported exchanges.
When a transfer is initiated, the platform validates the recipient's alias and verifies that the recipient's wallet supports the specific digital asset and associated blockchain.
If the recipient's wallet does not support the asset or blockchain, the sender is immediately notified, protecting all parties from possible loss of funds. The ad further says:
This milestone marks the first real-world application of Mastercard crypto Credential's vision, which was unveiled at Consensus in 2023. Mastercard crypto Credential's live P2P transactions represent the potential to further expand and support the remittance market national and cross-border.
Access to secure crypto transactions?
Walter Pimenta, executive vice president of Product and Engineering for Latin America and the Caribbean at Mastercard, expressed his enthusiasm for the project and stated that the continued investment in technology, standards and partnerships aims to deliver secure, simple and secure payments.
Partners, including Bit2Me, Foxbit, Lirium and Mercado bitcoin, have also expressed their commitment to innovation and developing crypto solutions that drive alternative payment options and improve user experience.
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Initially, a select group of crypto wallet users will have access to Mastercard crypto Credential on a first-come, first-served basis. Over the coming months, broader availability will be rolled out to more than 7 million users in participating countries. exchanges“democratizing” access to “secure and efficient” cryptographic transactions.
Featured image from Shutterstock, chart from TradingView.com
