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Mastercard Expands Cryptocurrency Reach with P2P Platform Launch in 13 Countries
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, simplifying the transaction process.
Mastercard Crypto Credential Pilot
AS 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 cross-border and domestic transfers across multiple platforms. currencies and blockchain.
This expansion is further enhanced by including Foxbit, a crypto wallet provider, and Lulubit, through its integration with Lirium, into the Mastercard Crypto Credential pilot ecosystem, broadening its reach to a broader consumer base.
The Mastercard Crypto Credential serves as a verification mechanism for interactions between consumers and businesses blockchain networks. It is designed to streamline transactions by exchanging metadata, eliminating the need for users to know the assets and chains supported by the recipient, thus increasing trust and security in every transaction.
Additionally, Mastercard Crypto Credential complies with regulatory requirements, including the Travel Rule, which promotes transparency and prevents illegal activity in cross-border transactions.
In particular, this framework paves the way for further future use cases, such as Non-fungible tokens (NFT), ticketing and other payment solutions based on market demand and compliance standards.
For users, the process begins with verifying the user against Mastercard Crypto Credential standards and issuing an alias to conduct transactions 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 any risks loss of funds. The announcement also reads:
This milestone marks the first real-world application of the Mastercard Crypto Credential vision, which was unveiled at Consensus in 2023. Mastercard Crypto Credential’s live P2P transactions represent the potential to further expand and support the domestic and cross-border remittance market.
Access to secure crypto transactions?
Walter Pimenta, executive vice president of product and engineering for Latin America and the Caribbean at Mastercard, expressed enthusiasm for the project, saying that continued investment in technology, standards and partnerships aims to provide secure, simple and secure payments.
Partners, including Bit2Me, Foxbit, Lirium and Mercado Bitcoin, have also expressed their commitment to innovating and developing crypto solutions that promote alternative payment options and improve user experience.
Initially, a select group of crypto wallet users will have access to Mastercard crypto credentials on a first-come, first-served basis. In the coming months, availability will be extended to more than 7 million participating users exchanges“democratizing” access to “secure and efficient” crypto transactions.
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