Mastercard (NYSE:MA) recently launched the new “Crypto Credential” service to facilitate peer-to-peer (P2P) crypto transactions for ordinary users. The new service from the global payment giant allows users of specific crypto platforms to send and receive Digital assets using crypto identifiers borrowed from MasterCard instead of blockchain addresses that consist of a long and confusing string of randomly selected numbers and letters.
Mastercard Crypto ID service
MasterCard announced via the Users receive an alias from the company, and later when they send digital currencies, the program verifies that the alias is correct and that the recipient’s address on the blockchain matches the type of currency and the blockchain network associated with the transaction.
If the recipient’s address does not support the sent digital asset or the blockchain network, the transaction will not be processed, preventing the loss of balances due to user errors. These pseudonyms can also provide protection against receiving address scams, in which attackers defraud users by replacing receiving addresses. Their wallets are very similar to others.
It is noteworthy that the service is currently available to users of the Bit2Me, Lirium, and Mercado Bitcoin platforms, and will be launched soon in Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay. In a comment to Decrypt, a company spokesperson said that more European countries will be added in the future.
Mastercard’s broad involvement in digital currencies
The company stated: “Facilitating peer-to-peer (P2P) transactions is one of many potential uses that MasterCard’s Crypto ID service seeks to serve…uses may extend to non-fungible token (NFTs) transactions, ticketing and other payment solutions depending on market requirements and compliance standards.” “legal”; The Crypto ID service also includes Foxbit and Lulubit wallet solutions, the latter of which benefits from its compatibility with the Lirium platform.
Martin Kopacz, head of the Lirium platform operating unit, said: “Thanks to MasterCard’s Crypto ID service, it is possible to ensure the traceability of all transactions on the blockchain and increase the level of compliance with regulatory laws, while providing an exceptional user experience at the same time.”
Recently this month, MasterCard joined a consortium of major banks to test the use of distributed ledger technology in settling digital asset transfer transactions between companies. Assets used on the test network included cash balances of commercial banks, US Treasury bonds, central bank balances, and investment grade debt, which is usually… They are not traded on separate systems.
