PURCHASE, N.Y.— Mastercard has launched a peer-to-peer cryptocurrency credentials pilot program the company said is designed to simplify how users send and receive digital currencies.
The new service is available in more than 10 countries in Europe and Latin America.
By introducing the Mastercard Crypto Credential, the company aims to simplify and secure crypto transfers, bypassing the need for complex blockchain addresses, according to Trading View.
The new offering is available on exchanges Bit2Me, Lirium, and Mercado Bitcoin.
Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now access cross-border and domestic transfers across multiple currencies and blockchains, Trading View reported.
Extended Reach
“Additionally, Foxbit has joined the Mastercard Crypto Credential ecosystem, further extending the reach to more consumers. Lulubit users will also benefit from this integration through Lirium, broadening the network of accessible and secure crypto transactions,” the report stated. “Mastercard Crypto Credential aims to verify interactions between consumers and businesses on blockchain networks, ensuring users meet specific verification standards.
“This system confirms that the recipient’s wallet can support the transferred asset, removing the complexity of determining supported assets and blockchains,” the report adds.
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