tl;dr
Mastercard has launched the first P2P pilot transaction of Mastercard Crypto Credential, allowing users in several countries to send and receive digital assets using aliases instead of complex blockchain addresses. The service is available in Latin American and European corridors, enabling cross-bor...
Mastercard Launches P2P Pilot Transaction Using Mastercard Crypto Credential Mastercard has launched the first P2P pilot transaction of Mastercard Crypto Credential, allowing users in several countries to send and receive digital assets using aliases instead of complex blockchain addresses. The service is available in Latin American and European corridors, enabling cross-border and domestic transfers across multiple cryptocurrencies and currencies. Users must be verified under the Mastercard Crypto Credential standard to utilize the platform. The ecosystem is expanding to include more crypto wallets and aims to support Non-fungible Tokens (NFT), ticketing, and other payment solutions in the future. Mastercard has also collaborated with US banks for shared-ledger technology and partnered with 1Inch Network to launch the 1Inch Card for crypto spending worldwide.
This will be the first time that crypto exchange users can send and transfer cryptocurrencies using their Mastercard Crypto Credential aliases. This eliminates the usual long and complex blockchain addresses. This service is available to users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.
These users can perform cross-border and domestic transfers across multiple blockchains and currencies. The live transactions capabilities are now enabled on the Bit2Me, Lirium, and Mercado Bitcoin exchanges. This will enable users to conduct blockchain transactions simply and securely between Latin American and European corridors.
To utilize the platform, it is required that a user is first verified under the set of Mastercard Crypto Credential standard. This is the point where the user gets the alias which can be used for all crypto transfers across the supported crypto exchanges. Whenever a user initiates a transaction, Mastercard Crypto Credential would first verify that the receiver’s alias is valid. It will also check to know if the receiver’s wallet supports the digital assets in question and the associated blockchain. In the case that the wallet does not support either the crypto or the blockchain, the sender is immediately notified. Thereafter, the transaction might remain truncated, protecting both parties from a potential loss of funds.
The Mastercard Crypto Credential pilot ecosystem has just welcomed its latest crypto wallet Foxbit. The integration with Lirium will bring the offering to Lulubit users, further expanding the reach to more users. Notably, this P2P transactions marks touted as the first amongst several users cases that Mastercard Crypto Credential aim to support. In the near future, the bloc may venture into Non-fungible Token (NFT), ticketing, and possibly other payment solutions. Notably, all these innovations are dependent on market and compliance requirements.
One of Mastercard’s latest feats is the groundbreaking collaboration with some of the largest US banks to test shared-ledger technology aimed at facilitating the common settlement of tokenized assets. Last month, 1Inch Network partnered with Mastercard to launch the 1Inch Card, revolutionizing crypto spending at over 160 million locations worldwide. All of these partnerships and integration underscores the growing utilization of Mastercard in the blockchain ecosystem.
More about PayPal Holdings Inc
PayPal Holdings, Inc. is an American company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee.
Industry: Trade & Services
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