Mastercard has unveiled its new Mastercard Crypto Credential, a feature designed to simplify and secure cryptocurrency transactions. For the first time, users can send and receive crypto using aliases instead of the traditional, complex blockchain addresses. This feature is now live on exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, facilitating blockchain transactions between Latin America and Europe.
Users in countries like Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now easily make cross-border and domestic transfers across multiple currencies and blockchains. Building on this momentum, Foxbit has joined the Mastercard Crypto Credential pilot, expanding the reach to more consumers, with Lulubit users also gaining access through integration with Lirium.
Mastercard Crypto Credential verifies interactions among consumers and businesses using blockchain networks, ensuring that users meet verification standards and that recipients’ wallets support the transferred assets. This system simplifies transactions by verifying the recipient’s alias and ensuring wallet compatibility, preventing potential loss of funds if the recipient’s wallet does not support the asset or blockchain.
This initiative marks the first real-world application of Mastercard’s vision for streamlined, secure blockchain transactions, which was first unveiled at Consensus in 2023. The live P2P transactions demonstrate the potential to enhance and support the domestic and cross-border remittance market, bringing more trust and certainty to blockchain interactions.
