The Mastercard Crypto Credential program will enable users to conduct crypto transactions with just their program credentials instead of complex wallet addresses.
In a press release, Mastercard announced its landmark crypto feature, a project that went live recently. The Mastercard Crypto Credential project, which saw the first peer-to-peer (P2P) transactions, also has various partners. These project partners include crypto exchanges across Latin America. Moreover, users in the region and Europe can also leverage the crypto feature.
Since multiple crypto exchanges and wallet providers have joined the ecosystem, the program went live smoothly. Users of this feature can use just their aliases for crypto transactions. Meanwhile, the feature will verify the transactions with blockchain networks. It will act as an extra security and verification layer for the transactions. Apart from P2P transactions, other use cases will include other digital assets, payment solutions, and ticketing.
Since the project was announced in 2023, this is the first time transactions have occurred using the crypto feature.
Walter Pimenta, a senior executive at Mastercard, said, “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks.”
Pimenta serves as the executive vice president of product and engineering for Latin America and the Caribbean.
The press release also quoted officials from Mastercard’s partners, who hailed the program and its potential. Mastercard will offer the program to users on a first-come, first-serve basis in the next stages. Its future plan includes expanding the program to 7 million users in different crypto exchanges.
Besides this project, Mastercard is also involved in other blockchain programs. It heads a crypto startup accelerator program. Over and above it, it has several active collaborative projects with partners.
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