Mastercard Launches Crypto Credential Network for Simplified and Secure Transactions | The Financial Technology Report.

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Mastercard Launches Crypto Credential Network for Simplified and Secure Transactions

June 14, 2024

In a significant development for the crypto industry, Mastercard has introduced its Crypto Credential network, allowing users to conduct transactions using easily memorable aliases rather than complex blockchain addresses. This innovation, exemplified by partnerships with exchanges like Bit2Me, Lirium, and Mercado Bitcoin, streamlines cross-border and domestic transfers across Latin America and Europe, covering multiple currencies and blockchains. Users across Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay now have access to this secure and simplified method of conducting crypto transactions.

Mastercard Crypto Credential operates by verifying users under a set of standards, providing them with an alias to facilitate transactions across supported exchanges. Through this system, the network ensures the validity of recipients' aliases and compatibility with their wallets, thereby safeguarding against potential losses due to unsupported assets or blockchains. This initiative, which builds upon Mastercard's commitment to innovation and security in digital payments, marks a milestone in realizing the vision outlined at Consensus in 2023. With intentions to increase availability for more than 7 million consumers on all participating exchanges, Mastercard continues to lead the way in bringing safe and efficient crypto transactions to the forefront of global finance.

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