HomeCrypto NewsMastercard introduces Crypto Credentials system for easier cryptocurrency transactions

Mastercard introduces Crypto Credentials system for easier cryptocurrency transactions

Mastercard Launches Mastercard Crypto Credential for Simplified Crypto Transactions

Mastercard has made a significant move in the world of cryptocurrency with the launch of Mastercard Crypto Credential on May 29. This new system allows users to send and receive crypto using simplified aliases instead of complex blockchain addresses, making transactions easier and more secure.

According to a press release, Mastercard Crypto Credential verifies interactions among consumers and businesses on blockchain networks, ensuring users meet verification standards and confirming the recipient’s wallet supports the transferred asset. This simplifies the process of knowing which assets or chains are supported by the recipient, enhancing trust and certainty in transactions.

One key feature of Mastercard Crypto Credential is its support for exchanging Travel Rule information for cross-border transactions, a regulatory requirement to prevent illegal activities. The system works by first verifying users according to Mastercard’s standards, who then receive an alias for sending and receiving funds across supported exchanges. When initiating a transfer, the system checks the validity of the recipient’s alias and wallet compatibility.

If the wallet does not support the asset or blockchain, the sender receives a notification, and the transaction halts to prevent loss of funds. Initially, Mastercard will support peer-to-peer (P2P) transactions but could extend the service to non-fungible tokens (NFTs), ticketing, and other payment solutions.

Mastercard Crypto Credential is aimed at the Latin American and European markets, with availability in countries such as Argentina, Brazil, France, Mexico, Portugal, and Switzerland. The service is currently available on exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, with plans to expand to more users in the future.

This launch is part of Mastercard’s broader efforts in the blockchain and cryptocurrency space, including projects like the Multi-Token Network and Crypto Source service. The company has also developed technology to tokenize central bank digital currencies (CBDCs) on various blockchains and powers payment cards issued by crypto companies like Nexo, Bybit, and Revolut.

Overall, Mastercard’s entry into the world of cryptocurrency with Mastercard Crypto Credential marks a significant step towards mainstream adoption and integration of digital assets into traditional financial systems.

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