Crypto exchange users in Latin America and Europe will be able to send and receive crypto using their Mastercard Crypto Credential aliases, instead of the typically long and complex blockchain addresses. Live transaction capabilities are enabled on Bit2Me, Lirium, and Mercado Bitcoin exchanges, allowing them to enable blockchain transactions securely between Latin American and European corridors. Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay will be able to send cross-border and domestic transfers across multiple currencies and blockchains. Foxbit is the latest crypto wallet provider to join the Mastercard Crypto Credential pilot ecosystem, extending the reach to more consumers. Lulubit users will also receive access through its integration with Lirium.
Mastercard Crypto Credential helps verify interactions among consumers and businesses using blockchain networks by providing assurance that the user has met a set of verification standards and confirms that the recipient’s wallet supports the transferred asset. Through the exchange of metadata, Mastercard Crypto Credential eliminates the complexity of a consumer knowing which assets or chains are supported by the person they are looking to send funds to, bringing more trust and certainty to these transactions. It also supports the exchange of Travel Rule information for cross-border transactions, a regulatory requirement to ensure transparency and prevent potentially illegal and illicit activities.
The live Mastercard Crypto Credential P2P transactions represent the potential to further expand and support the domestic and cross-border remittance market. Mastercard continues to invest in its technology, standards, and partnerships to bring safe, simple, and secure payments to the forefront. Foxbit Group CEO Ricardo Dantas emphasizes the importance of adapting to market needs and offering solutions that enrich users’ experiences in the dynamic world of cryptocurrencies. Lirium CEO Martin Kopacz emphasizes the need for traceability of all blockchain transactions with a higher level of compliance while providing an exceptional user experience.
A select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis, with wider availability rolling out to more than 7 million users across participating exchanges over the coming months.