Mastercard Launches Crypto Credential with its First P2P Transactions
Global financial giant MasterCard has launched the first P2P pilot transaction of Mastercard Crypto Credential, offering users in Europe and Latin America another alternative to send and receive crypto instead of using the very long and complex blockchain addresses.
Mastercard Crypto Credential has gone live with its first peer-to-peer transactions! This solution not only replaces complex wallet addresses with user-friendly aliases, but also makes sending #blockchain transactions secure, transparent and accessible.
— Mastercard News (@MastercardNews) May 29, 2024
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According to a statement by Mastercard on Wednesday, the live transaction capabilities of the Mastercard Crypto Credential network support transactions on Lirium, Bit2Me, and Mercado Bitcoin exchanges, enabling simple and secure crypto transactions between Latin American and European countries. Customers in Mexico, Brazil, Portugal, Argentina, Switzerland, France, Chile, Paraguay, Guatemala, Panama, Peru, Spain, and Uruguay can perform cross-border and domestic payments using multiple currencies and blockchains across the Atlantic.
Walter Pimenta, executive vice president, Product and Engineering, Latin America and the Caribbean at Mastercard, said in a statement, “With the growing interest in blockchain and digital assets across the world, it is important to keep delivering verified interactions across public blockchain networks. We are excited to join forces with this vibrant group of partners in order to advance Mastercard Crypto Credential toward its greatest potential.”
The Mastercard Crypto Credential has listed the P2P transaction as the first of many possible use cases that it aims to support. Others to be added in the future, depending on market and compliance requirements, may include NFTs, ticketing, and other payment solutions.
Furthermore, for the payment giant, this milestone achievement is the first real-world application of the vision of Mastercard Crypto Credential, which was unveiled at Consensus in 2023. The vision is to further expand and support the domestic and cross-border remittance markets.
Mastercard Crypto Credential will be made available to a limited number of cryptocurrency wallet users on a first-come, first-served basis. It is expected that in the coming months, over 7 million users on all participating exchanges will have wider availability.
The pilot project also adds new partners to the ecosystem. Foxbit is the latest crypto wallet provider to join the Mastercard Crypto Credential pilot ecosystem to help expand its reach to more consumers. Ricardo Dantas, chief executive officer of Foxbit Group, said joining the Mastercard Crypto Credential ecosystem as well as launching the Foxbit Card is an important step in strengthening our presence in the cryptocurrency market.
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