Credit giant Mastercard has just introduced a peer-to-peer (P2P) trading platform for cryptocurrency users in Europe and Latin America.
Mastercard Crypto Credential has gone live with its first peer-to-peer transactions! This solution not only replaces complex wallet addresses with user-friendly aliases, but also makes sending #blockchain transactions secure, transparent and accessible.
Learn more:… pic.twitter.com/WgY6aTaQHP— Mastercard News (@MastercardNews) May 29, 2024
Mastercard has rolled out a new P2P trading platform called Mastercard Crypto Credential in its pilot phase. This network supports transactions exclusively on the Bit2Me, Lirium, and Mercado Bitcoin exchanges, facilitating cross-Atlantic payments.
The P2P platform is part of Mastercard’s broader strategy to incorporate digital assets into international payments, a service growing in popularity worldwide.
In addition, users of the P2P network can leverage a Mastercard Crypto Credential alias for their transactions. This alias functions similarly to an Ethereum Name Service (ENS) vanity address, providing a concise label for otherwise lengthy crypto wallet addresses.
Moreover, Mastercard’s crypto verification system aims to minimize financial losses by pre-screening transactions to prevent users from sending incompatible assets to recipient addresses.
Labeling wallet addresses is a key focus for Mastercard as it seeks to expand its market share in cross-border payments and remittances. According to the International Organization for Migration, migrants sent approximately $831 billion in remittances globally in 2022, up 16% from $717 billion in 2020.
Beyond the P2P network, Mastercard is pursuing several other blockchain initiatives. These include integrating NFTs, accepting crypto payments, expanding into the web3 music sector, and collaborating on CBDC projects to connect blockchain companies with central banks.
