Mastercard Crypto Credential Launches with P2P Transactions, New Partners

Discover Mastercard Crypto Credential: Accelerating P2P Transactions with New Partners and Innovative Security Solutions for Seamless Crypto Payments.

For the first time, crypto exchange users can send and receive cryptocurrency using their Mastercard Crypto Credential aliases, sidestepping the traditionally long and complex blockchain addresses. This breakthrough in blockchain transaction simplicity and security is now live on the Bit2Me, Lirium, and Mercado Bitcoin exchanges, enabling seamless transactions between Latin American and European corridors.

Global Reach and Supported Regions

Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now engage in cross-border and domestic transfers across multiple currencies and blockchains. Building on this momentum, Foxbit has joined the Mastercard Crypto Credential pilot ecosystem, extending the reach to more consumers. Lulubit users will also gain access through its integration with Lirium.

Enhanced Verification and Security

Mastercard Crypto Credential verifies interactions among consumers and businesses on blockchain networks, ensuring the user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset. By exchanging metadata, Mastercard Crypto Credential eliminates the complexity of knowing which assets or chains are supported by the recipient, bringing more trust and certainty to these transactions.

“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,” said Walter Pimenta, executive vice president, Product and Engineering, Latin America and the Caribbean at Mastercard.

Compliance with Regulatory Standards

Mastercard Crypto Credential supports the exchange of Travel Rule information for cross-border transactions, ensuring transparency and preventing potentially illegal and illicit activities. The P2P transaction is the first of many use cases that Mastercard Crypto Credential aims to support, with future possibilities extending to NFTs, ticketing, and other payment solutions depending on market and compliance requirements.

How Mastercard Crypto Credential Works

1. The exchange first verifies a user under Mastercard Crypto Credential standards.
2. The user obtains an alias to send and receive funds across all supported exchanges.
3. When a user initiates a transfer, Mastercard Crypto Credential verifies the recipient’s alias and wallet compatibility.
4. If the recipient’s wallet does not support the asset or blockchain, the sender is notified, and the transaction does not proceed, protecting all parties from potential loss of funds.

Why This Matters

This milestone marks the first real-world application of the Mastercard Crypto Credential vision, unveiled at Consensus in 2023. The live Mastercard Crypto Credential P2P transactions represent the potential to further expand and support the domestic and cross-border remittance market.

Expert Opinions

“We are proud to continue deepening our alliance with Mastercard, with whom we share a commitment to innovation and the development of solutions that drive payment alternatives through the use of crypto assets,” said Leif Ferreira, CEO and co-founder of Bit2Me.

“For the Foxbit Group, working with a leader like Mastercard reinforces our commitment to adapting to market needs and offering solutions that not only accompany, but also enrich our users' experience in the dynamic world of cryptocurrencies,” said Ricardo Dantas, chief executive officer of Foxbit Group.

“At Lirium, we are focused on providing regulated crypto services in Latin America and the rest of the world,” said Martin Kopacz, chief operating officer of Lirium.

“Mercado Bitcoin is proud to partner with Mastercard on its groundbreaking Crypto Credential pilot. As a Latin American leader in innovative blockchain solutions, such as real-world assets and the Brazilian CBDC, we believe in Mastercard's initiative and its potential to pave the way for a faster future of global financial transactions,” said Roberto Dagnoni, chief executive officer of 2TM, owner of Mercado Bitcoin.

Next Steps

A select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis. Wider availability will roll out to more than 7 million users across the participating exchanges over the coming months.

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To learn more about Mastercard Crypto Credential, please contact cryptopartnerships@mastercard.com.

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