GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Mastercard Expands Crypto Reach With P2P Platform Launch Across 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 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.

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. 

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.

Mastercard

Featured image from Shutterstock, chart from TradingView.com

Latest Press

post-thumbnail
News
3 hours ago
Venezuela’s Bitcoin Mining Crisis: Government Actions and Potential Gas-Powered Solutions
Venezuelan Bitcoin miners halt operations as government disconnects power, citing strain on national...
READ MORE
post-thumbnail
News
3 hours ago
Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s Price?
The post Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s P...
READ MORE
default post thumbnail
News
3 hours ago
DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020
Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This...
READ MORE
default post thumbnail
News
3 hours ago
Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’
Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significan...
READ MORE
default post thumbnail
News
3 hours ago
Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations
A sudden and dramatic crash in the value of Curve Finance’s native token, CRV, has resulted in sub...
READ MORE
default post thumbnail
News
3 hours ago
Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls c...
READ MORE
default post thumbnail
News
3 hours ago
Bitcoin Stuck: Here Are 2 Things That Must Happen For BTC To Break $72,000
At spot rates, Bitcoin is firm, but traders doubt the uptrend following the unexpected dump on June ...
READ MORE
default post thumbnail
News
3 hours ago
Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). T...
READ MORE
post-thumbnail
News
3 hours ago
These Altcoin Projects Have Raised the Most Capital in 2024
In 2024, several altcoin projects have secured substantial funding, showcasing growing investor conf...
READ MORE
default post thumbnail
News
3 hours ago
Paxos Reportedly Downsizes Workforce by 20%: Details
Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started