Mastercard Crypto Credential has gone live with the first peer-to-peer pilot transactions.
Takeaway Points
- Mastercard Crypto Credential Goes Live
- Crypto exchange users can now send and receive crypto using their Mastercard Crypto Credential aliases instead of the former method.
- Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay will be able to send cross-border and domestic transfers across multiple currencies and blockchains.
Mastercard Crypto Credential.
The payment card services corporation Mastercard announced on Wednesday that its Crypto Credential has gone live. According to the report, crypto exchange users can now send and receive crypto using their Mastercard Crypto Credential aliases instead of the former method.
Mastercard said that to enable blockchain transactions simply and securely between Latin American and European corridors, its live transactions are enabled on trading platforms like Bit2Me, Lirium, and Mercado Bitcoin exchanges.
Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay will be able to send cross-border and domestic transfers across multiple currencies and blockchains, Mastercard said.
Walter Pimenta, executive vice president, Product and Engineering, Latin America and the Caribbean at Mastercard, said that the company will continue to invest in technology and partnerships to keep the company payment system secure and safe.
“Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront. As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential,” Walter said.
Leif Ferreira, CEO and co-founder of Bit2Me, said, “We are proud to continue deepening our alliance with Mastercard, with whom we share a commitment to innovation and the development of solutions that drive payment alternatives through the use of crypto assets.”
According to the report, Foxbit has joined the Mastercard Crypto Credential pilot ecosystem to reach more customers.
Ricardo Dantas, chief executive officer of Foxbit Group, said that “For the Foxbit Group, working with a leader like Mastercard reinforces our commitment to adapting to market needs and offering solutions that not only accompany, but also enrich our users’ experience in the dynamic world of cryptocurrencies. This is an important step in strengthening our presence in the cryptocurrency market. Our collective work, which includes joining the Mastercard Crypto Credential ecosystem as well as launching the Foxbit Card, aligns perfectly with our mission to expand the usability and accessibility of cryptocurrencies, offering our customers more ways to manage and make the most of their digital finances.”
How will the crypto-credential ecosystem work?
According to the payment card services corporation, it will first verify a user under the set of Mastercard Crypto Credential standards, and after that, the user will obtain an alias to send and receive funds across all supported exchanges.
When a user initiates a transfer, Mastercard Crypto Credential verifies that the recipient’s alias is valid and that the recipient’s wallet supports the digital asset and associated blockchain. If the receiving wallet does not support the asset or blockchain, the sender is notified and the transaction does not proceed, protecting all parties from the potential loss of funds, Mastercard added.
