Mastercard Unveils Unique Crypto Trading Platform for Europe and Latin America

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Mastercard has revealed an exciting new initiative, a peer-to-peer platform exclusively crafted for cryptocurrency aficionados based out of Europe and Latin America. This innovative platform is one of the first to allow users on supported exchanges to seamlessly send and receive cryptocurrencies using the unique Mastercard Crypto Credential aliases, thereby revolutionizing the transaction process altogether.

As of Wednesday, this new feature has commenced its services across a spectrum of countries that include Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay. The users in these nations can now perform both local and international transfers across assorted currencies and blockchains.

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In a bid to reach a wider consumer base, Mastercard has further enriched this novel offering by incorporating Foxbit, a revered crypto wallet provider, and Lulubit, through its amalgamation with Lirium, into the Mastercard Crypto Credential pilot ecosystem.

At its core, the Mastercard Crypto Credential ensures the verification of interactions between consumers and businesses on various blockchain networks. Savvily designed to simplify transactions, it allows for the exchange of metadata, thus bypassing the necessity for users to know the recipient’s supported assets and chains. The result of this innovative approach leads to enhanced trust and amplified security for each transaction.

A significant characteristic of the Mastercard Crypto Credential is its compliance with regulatory requirements, such as the Travel Rule, fostering transparency and halting illegal activities in cross-border transactions.

Moreover, the framework of this novel platform lays a solid foundation for future use cases, which could encompass Non-Fungible Tokens (NFTs), ticketing, and a spectrum of payment solutions, depending on market demand and compliance standards.

To participate, users must first verify themselves against the Mastercard Crypto Credential standards. Following this, they are issued an alias which can be used for transactions across all supported exchanges. Upon initiation of a transfer, the platform checks the recipient’s alias and ensures the recipient’s wallet supports the specific digital asset and its associated blockchain. In the event the recipient’s wallet doesn’t support the asset or blockchain, the sender is promptly notified, safeguarding all parties involved from a prospective loss of funds.

Walter Pimenta, the Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, voiced his enthusiasm and optimism about this new project, emphasizing the company’s aim to deliver secure, simple, and innovative payment solutions through continued investments in technology, standards, and partnerships.

Several partners including Bit2Me, Foxbit, Lirium, and Mercado Bitcoin have come forward expressing their zeal for innovation and commitment to the development of crypto solutions that advance alternative payment options and heighten the user experience.

Initially, a select group of crypto wallet users will get exclusive access to the Mastercard Crypto Credential on a first-come, first-served basis. However, in the ensuing months, the company aims to roll out wider access to more than 7 million users across participating exchanges, thereby democratizing access to secure and efficient crypto transactions. A new page for cryptocurrencies has been turned, marking another milestone in fintech.