Mastercard Launches Live Crypto Credential
The system ensures the validity of recipient aliases and wallet compatibility, safeguarding against potential fund loss.
Mastercard's Crypto Credential has been deployed in live peer-to-peer (P2P) transactions, enhancing the way crypto exchanges facilitate transfers.[1]
The initiative allows crypto exchange users to utilize their Mastercard Crypto Credential aliases, replacing lengthy blockchain addresses. Bit2Me, Lirium, and Mercado Bitcoin exchanges are among the first to adopt this technology, enabling easier blockchain transactions between Latin American and European corridors.
Users across Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now conduct cross-border and domestic transfers across various currencies and blockchains with ease.
Expanding its reach, Foxbit joins as the latest crypto wallet provider to participate in the Mastercard Crypto Credential pilot ecosystem, while Lulubit users gain access through integration with Lirium.
Mastercard Crypto Credential streamlines interactions between consumers and businesses on blockchain networks, ensuring compliance with verification standards and confirming wallet compatibility for transferred assets. By exchanging metadata, it eliminates complexity and enhances trust in transactions.
Moreover, Mastercard Crypto Credential supports Travel Rule compliance for cross-border transactions.
To initiate a transfer, users are verified under Mastercard Crypto Credential standards, receiving an alias for transactions across supported exchanges. The system ensures the validity of recipient aliases and wallet compatibility, safeguarding against potential fund loss.