Mastercard Launches Crypto Credential for Simplified P2P Cryptocurrency Transfers Across Europe and Latin America
Mastercard has introduced a pilot project named Crypto Credential, aimed at revolutionizing how cryptocurrency transactions are conducted. This innovative service allows users to send cryptocurrencies to any exchange client using easy-to-remember nicknames instead of complex blockchain addresses. Initially available in select European and Latin American countries, this initiative marks a significant step in simplifying digital transactions.
With the launch of Crypto Credential, Mastercard users will be assigned memorable identifiers, eliminating the need for the traditional, cumbersome blockchain addresses. This feature is expected to enhance user convenience significantly and is set to roll out to residents in parts of Europe and Latin America.
For the first time, cryptocurrency exchange users will be able to send and receive digital currencies using only their pseudonyms. This functionality will be available on platforms such as Bit2Me, Lirium, and Mercado, as per the press release.
The introduction of this P2P platform underscores Mastercard’s ambition to leverage digital assets for cross-border payments—a rapidly expanding sector within payment services. The service will also inform users about the supported assets or networks of the recipient, which Mastercard believes will increase transaction security and trust.
"As interest in blockchain and digital assets continues to grow in Latin America and globally, it is critical to ensure robust interactions within public blockchain networks," said Walter Pimenta, Mastercard's Vice President of Products for Latin America and the Caribbean.
According to the announcement, Crypto Credential supports both domestic and international transfers while adhering to the Travel Rule, which mandates that the company collects and stores information about the transactions performed.
Mastercard highlighted that over 7 million users are expected to access this new feature shortly. Besides facilitating P2P transactions, Crypto Credential will also support the transfer of non-fungible tokens (NFTs), ticket purchases, and other payment solutions.
In related news, in April 2024, the 1inch aggregator introduced a Web3 debit card in collaboration with Mastercard and Crypto Life. Additionally, Mastercard recently partnered with MoonPay, further expanding its involvement in the digital payment solutions space. This ongoing development in digital finance represents Mastercard's commitment to integrating innovative technologies to enhance user experiences and streamline financial transactions worldwide.
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