Mastercard Expands Crypto Reach With P2P Platform Launch Across 13 Countries
30 Mai 2024 - 1:00AM
NEWSBTC
Mastercard has announced the launch of a peer-to-peer (P2P)
platform for cryptocurrency users in Europe and Latin America. This
initiative allows users on supported exchanges to send and receive
cryptocurrencies using Mastercard Crypto Credential aliases,
streamlining 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, enabling them to conduct cross-border and
domestic transfers across multiple currencies and
blockchains. 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 broadening its reach to a larger
consumer base. Related Reading: Research Firm Projects Ethereum
Explosion To $15,000 With ETF Inflows The Mastercard Crypto
Credential acts as a verification mechanism for interactions
between consumers and businesses on 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. Moreover, Mastercard Crypto Credential complies with
regulatory requirements, including the Travel Rule, which promotes
transparency and prevents illegal activities in cross-border
transactions. Notably, this framework paves the way for
additional use cases in the future, such as Non-Fungible Tokens
(NFTs), 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 across 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 potential loss of funds. The announcement further
reads: This milestone marks the first real-world application of the
Mastercard Crypto Credential vision, which was unveiled at
Consensus in 2023. The live Mastercard Crypto Credential 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,
stating that the continued investment in technology, standards, and
partnerships aims to deliver safe, simple, and secure payments.
Partners, including Bit2Me, Foxbit, Lirium, and Mercado Bitcoin,
have also expressed their commitment to innovation and the
development of crypto solutions that drive alternative payment
options and increase user experience. Related Reading: Time
To Stack Stellar (XLM)? Analyst Calls For Epic 500% Price Breakout
Initially, a select group of crypto wallet users will have access
to Mastercard Crypto Credential on a first-come, first-serve basis.
Over the following months, wider availability will be rolled out to
more than 7 million users across the participating exchanges,
“democratizing” access to “secure and efficient” crypto
transactions. Featured image from Shutterstock, chart from
TradingView.com
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Jun 2023 bis Jun 2024