- Mastercard boosts blockchain and crypto adoption with its latest initiative.
- The financial titan launched P2P transactions via Master Crypto Credentials.
- Exchanges users can now replace wallet addresses with user-friendly aliases.
First peer-to-peer transactions with Mastercard have gone live. The Mastercard Crypto Credentials initiative replaces wallet addresses with user-friendly aliases and boosts blockchain adoption for the masses.
Mastercard causes a seismic shift for crypto exchange users. For the first time ever, users on crypto exchanges can send and receive crypto using their Mastercard Crypto Credential aliases. This will replace the blockchain address process.
By doing so, the Mastercard Crypto Credential helps verify interactions between businesses and consumers via blockchain network technology. This provides the assurance of users meeting a set of verification standards which in turn confirms that the recipient’s wallet supports the transferred asset.
Mastercard Crypto Credentials eliminates the complex process of consumers knowing which assets or chains are supported by exchanging metadata. This will allow them to send funds with ease thus establishing more trust in blockchain transactions.
These live transactions will be facilitated by Lirium, Bit2Me, and Mercado Bitcoin exchanges so users can enable blockchain transactions securely between Latin America and European corridors seamlessly.
To specify, users in Brazil, Chile, Argentina, Guatemala, France, Panama, Mexico, Portugal, Peru, Spain, Uruguay, Paraguay, and Panama can send cross-border and domestic transfers via a variety of currencies and blockchains.
In addition, cross-border transactions are facilitated by Mastercard Crypto Credential via Travel Rule information. This sure is a regulatory requirement for transparent transactions to confirm the absence of illegal and illicit activities.
No doubt, this milestone marks a huge shift in bridging the fiat and crypto worlds. The live Mastercard Crypto Credentials P2P transactions represent the true possibilities of technologies coming together and improve the world as we know it.
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