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Mastercard Launches P2P Cryptocurrency Transfer Network – Can It Drive Bitcoin and XRP to New Highs?

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  • Mastercard has unveiled P2P cryptocurrency service for users.
  • Mastercard Crypto Credential is a verification tool that facilitates blockchain transactions between customers and merchants.

MasterCard introduced a peer-to-peer (P2P) cryptocurrency platform aimed at users in Europe and Latin America. This innovative initiative leverages Mastercard Crypto Credential aliases, simplifying and securing transactions to cryptocurrency users on supported exchanges.

The Mastercard Crypto Credential platform extends its services to 13 countries, including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay. This expansion enables seamless cross-border and domestic transfers across multiple currencies and blockchains.

Mastercard Crypto Credential currently operates with Bit2Me, Lirium and Mercado Bitcoin exchanges and allows secure transactions between Latin America and Europe. The initiative aims to reduce the complexity of the transaction process and, at the same time, make it safer for all parties involved.

Enhanced security and compliance

Mastercard Crypto Credential is a verification tool that makes it easy blockchain transactions between customers and traders. By exchanging metadata, the platform relieves the user of the need to know which assets and blockchains the recipient supports to reduce the number of transactions. This feature increases trust and security, which makes cryptocurrency transactions easier to carry out.

The platform also complies with the Travel Rule, which provides transparent information and helps prevent illicit actions in international transactions. This compliance is essential to ensure that the financial system is not compromised and that users are protected from acts of fraud.

The process begins with user authentication in accordance with Mastercard Crypto Credential requirements. Once verified, users receive aliases for trading on all exchanges supported by the platform. The platform then checks the accuracy of the recipient’s alias and verifies that the recipient’s wallet supports the specified asset and the related blockchain.

Future use cases and market impact

The implementation Mastercard provides a foundation for other related applications in the future. Other applications that can be integrated into the framework are; NFTs, ticketing and other payment systems depending on the market and legal requirements. This flexibility makes it easier for Mastercard to respond to changing market conditions and customer demands.

Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, said:

“As interest in blockchain and digital assets continues to increase in Latin America and around the world, it is essential to continue to provide trusted and verifiable interactions on public blockchain networks,”

The Mastercard Crypto credential will be rolled out to a limited number of crypto wallets on a first-come, first-serve basis. The platform will be rolled out to more than 7 million users on participating exchanges in the coming months, providing more people with secure and efficient crypto transactions.

International payment is enabled through Mastercard Crypto Credential aliases, which are similar to the vanity addresses provided by the Ethereum Name Service (ENS). This feature allows Mastercard to have a considerable market share in the fast-growing remittance services segment. The United Nations International Organization for Migration reported that global migrants transferred an estimated $831 billion in remittances in 2022.

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