Launch of Mastercard Crypto Credential "First P2P pilot transaction"
Mastercard has launched the Mastercard Crypto Credential, which enables “the first peer-to-peer (P2P) pilot transactions” using aliases instead of long, complex blockchain addresses. This new system aims to simplify cryptocurrency trading for exchange users and provide a more user-friendly approach.
Mastercard Crypto Credential uses a blockchain network to verify interactions between consumers and businesses, verifying that users meet the verification standards set by Mastercard, and verifying that the recipient’s wallet supports the transferred assets.
Just Happened: Mastercard Crypto Credential Launched "First P2P pilot transaction"Partnering with Exchange Mercado #Bitcoin 🙌 pic.twitter.com/Xt6nbqV5XA
— Bitcoin Magazine (@BitcoinMagazine) May 29, 2024
“Mastercard continues to invest in technology, standards and partnerships to make safe, simple and secure payments a priority,” said Walter Pimenta, Vice President of Products and Engineering for Latin America and the Caribbean at Mastercard. He said. “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is important that we continue to provide trusted and verifiable interactions across public blockchain networks. We are excited to work with these dynamic partners to realize the full potential of Mastercard Crypto Credential.”
The real-time trading feature was initially enabled on Bit2Me, Lirium, and Mercado Bitcoin exchanges to facilitate trading between Latin America and Europe. According to the announcement, users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now send cross-border and domestic money transfers across multiple currencies and blockchain. .
Mastercard said the system also supports the exchange of travel rule information for cross-border transactions, a regulatory requirement to prevent illegal activity. Peer-to-peer transactions are the first of many use cases that Mastercard Crypto Credential seeks to support, with potential applications extending to NFTs, ticketing, and other payment solutions depending on market and compliance requirements.
“Mercado Bitcoin is proud to partner with Mastercard on this groundbreaking crypto credential pilot,” said Roberto Dagnoni, Mercado Bitcoin owner. “As a Latin American leader in real-world assets and innovative blockchain solutions such as the Brazilian CBDC, we believe that Mastercard’s initiative and its potential can pave the way for a faster future for global financial transactions.”
The credit card company said a select group of cryptocurrency wallet users will utilize the Mastercard Crypto Credential on a first-come, first-served basis, with wider availability in the coming months to more than 7 million users across participating exchanges. .
