Forget complex blockchain addresses! Mastercard is revolutionizing crypto transfers with their new Mastercard Crypto Credential, launched on May 29th. This innovative system lets users ditch the cryptic codes and send/receive crypto using user-friendly aliases.
Mastercard Crypto Credential acts as a digital bridge, verifying interactions between consumers and businesses on blockchain networks. It ensures both parties meet verification standards and guarantees the recipient’s wallet can handle the specific crypto being sent. No more worrying about compatibility issues!
This system streamlines the entire process, clearly showing which assets and blockchains each wallet supports. This transparency builds trust and eliminates transaction uncertainties. Additionally, Mastercard Crypto Credential adheres to Travel Rule regulations for cross-border transactions, ensuring compliance and preventing illegal activities.
So, how does it work? First, users undergo Mastercard’s verification process, earning a unique alias for sending and receiving funds across compatible exchanges. When initiating a transfer, the system verifies the recipient’s alias and ensures their wallet can handle the chosen crypto and blockchain.
If there’s a mismatch, the sender gets notified, and the transaction is halted to prevent any loss of funds. This safety net provides peace of mind during transactions.
Mastercard is starting with peer-to-peer (P2P) transactions, but the future holds even more possibilities. The service could potentially expand to encompass non-fungible tokens (NFTs), ticketing, and other innovative payment solutions.
Setting its sights on Latin America and Europe, Mastercard Crypto Credential is currently available in Argentina, Brazil, Chile, and several other countries. Users can access the service on popular exchanges like Bit2Me, Lirium, and Mercado Bitcoin. The pilot program also includes Panama and Guatemala-based exchange Lulibit (accessible via Lirium) and Brazil’s Foxbit crypto wallet provider. Mastercard plans to offer Crypto Credential on a first-come, first-served basis to a select group, eventually scaling up to serve over 7 million users in the coming months.
This isn’t Mastercard’s first foray into the blockchain world. They’ve been actively involved with various projects, including the Multi-Token Network (enhancing crypto transaction security, scalability, and interoperability) and Crypto Source (a Paxos-powered service allowing banks to offer crypto trading). They’ve even developed technology for tokenizing central bank digital currencies (CBDCs) on different blockchains.
Mastercard is also a powerhouse behind payment cards issued by several crypto companies, including Nexo, Bybit, Uphold, Bitpay, and Revolut.
Mastercard Crypto Credential is a significant step towards a more user-friendly and secure crypto experience. With its focus on clear communication, safety measures, and future-proof potential, this system is poised to make sending and receiving crypto as easy as sending an email.
Mastercard is one of the many companies that are positioning themself in a more crypto friendly way, for example take a look at our article about PayPal.
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