The colossus of payments, Mastercard, has announced its new service “Crypto Credential”, which allows the replacement of blockchain addresses with new and easy aliases, facilitating transactions. The new feature is already live on the crypto-exchanges of Bit2Me, Lirium, and Mercado Bitcoin.
Mastercard Crypto Credential: the new service is already live on Bit2ME, Lirium, and Mercado Bitcoin
Mastercard, the payment giant, has announced the launch of the “Mastercard Crypto Credential”, already live with the first pilot peer-to-peer transactions with new partners.
Mastercard Crypto Credential has gone live with its first peer-to-peer transactions! This solution not only replaces complex wallet addresses with user-friendly aliases, but also makes sending #blockchain transactions secure, transparent and accessible.
Learn more:… pic.twitter.com/WgY6aTaQHP
— Mastercard News (@MastercardNews) May 29, 2024
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“Mastercard Crypto Credential has initiated the first peer-to-peer transactions! This solution not only replaces the complex wallet addresses with easy-to-use aliases, but also makes sending #blockchain transactions secure, transparent, and accessible.”
In practice, the new “Mastercard Crypto Credential” allows crypto-exchange users to send and receive cryptocurrencies using easy aliases, instead of the classic long and complex blockchain wallet addresses.
At the moment, the service signed by Mastercard has already been enabled on the exchanges Bit2Me, Lirium, and Mercado Bitcoin, allowing them to enable blockchain transactions in a simple and secure way between the Latin American and European corridors.
And indeed, users from Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay will be able to send cross-border and domestic transfers in multiple currencies and blockchains.
Nello specifico, attraverso lo scambio di metadati, Mastercard Crypto Credential eliminates the complexity of knowing which assets or chains are supported by the person to whom funds are to be sent, bringing greater trust and certainty to these transactions.
Mastercard Crypto Credential: how does the new service supported by Mercado Bitcoin and others work?
In its blog post, Mastercard describes how its new service works, already supported by some crypto-exchanges like Mercado Bitcoin.
So, basically, the crypto-exchange will have to verify a user based on the standards of Mastercard Crypto Credential so that then, the verified user, can obtain their alias to send and receive funds across all supported crypto-exchanges.
Specifically, as soon as the user initiates a transaction, Mastercard Crypto Credential verifies that the recipient’s alias is valid and that the recipient’s wallet supports the digital asset and the associated blockchain.
Should the recipient wallet not support the asset or the blockchain, then the sender will be informed, and the transaction will not proceed, protecting all parties from potential loss of funds.
A tal proposito, Roberto Dagnoni, CEO di 2TM, proprietaria di Mercado Bitcoin, ha affermato:
“Mercado Bitcoin is proud to collaborate with Mastercard for its innovative Crypto Credential pilot. As a Latin American leader in innovative blockchain solutions, such as real assets and the Brazilian CBDC, we believe in Mastercard’s initiative and its potential to pave the way for a faster future of global financial transactions”
Mastercard informs its audience that in the coming months the availability of the new service will be extended to more than 7 million users of the participating borse.
Not only that, the P2P transaction is the first of many possible use cases that Mastercard Crypto Credential intends to support. Others could extend to NFT, ticketing, and other payment solutions, depending on market and compliance requirements.
The debit card with 1inch Network
Mastercard is increasingly involved in the crypto sector. In addition to the present solution dedicated to blockchain wallet addresses, last April, for example, the global payments giant entered into a collaboration with 1inch Network.
In practice, the leading aggregator of decentralized exchanges (DEX), 1inch Network, has joined forces with Mastercard and Baanx to present a cutting-edge crypto debit card.
The new 1inch Card leverages the solid payment network of Mastercard, and the experience of Baanx, which became popular for the “Crypto Life” card, also used by Ledger.
