MasterCard has introduced its new ‘Crypto Credential’ network to simplify peer-to-peer cryptocurrency payments, starting in Europe and Latin America.
What Is the Crypto Credential Network?
The Crypto Credential network allows users to send and receive cryptocurrency using easy-to-remember aliases instead of long, complicated blockchain addresses. This system ensures that both parties meet MasterCard’s verification standards and that the recipient’s wallet can accept the transferred crypto.
How It Works
The network uses metadata to verify transactions, making it easier to know which cryptocurrencies and blockchain networks are supported by the person you’re sending funds to. This increases trust and reduces the complexity of crypto transactions.
Initial Launch
The first transactions are enabled on the following exchanges:
- Bit2Me
- Lirium
- Mercado Bitcoin
Where You Can Use It
The network is currently available in several countries, including:
- Argentina
- Brazil
- Chile
- France
- Guatemala
- Mexico
- Panama
- Paraguay
- Peru
- Portugal
- Spain
- Switzerland
- Uruguay
Supporting Regulations
The network also complies with the Travel Rule, a regulation that ensures transparency in cross-border transactions to prevent illegal activities.
MasterCard’s Vision
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at MasterCard, emphasized the importance of providing trusted and verifiable interactions on public blockchain networks as interest in digital assets grows worldwide.
Limited Access and Future Expansion
Initially, a select group of crypto wallet users will have access to the MasterCard Crypto Credential on a first-come, first-served basis. Over the next few months, this service will become available to over 7 million users across the participating exchanges.
Future Applications
While the initial focus is on peer-to-peer transactions, MasterCard plans to expand the Crypto Credential network to support other uses such as NFTs, ticketing, and various payment solutions, depending on market demand and regulatory requirements.
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Source: INTRODUCING | MasterCard Launches Network to Simplify P2P Crypto Payments for Users Across the World
