Mastercard launches new cryptocurrency certificate service to promote cryptocurrency ease of use and security

Mastercard’s cryptocurrency certificate service is expected to promote the expansion of the domestic and foreign remittance markets.

Mastercard has launched its cryptocurrency voucher service, marking the first peer-to-peer (P2P) pilot transaction that simplifies and secures blockchain transfers.

Mastercard’s new service will make it easier to send and receive cryptocurrencies by replacing complex blockchain addresses with simple aliases when trading on cryptocurrency exchanges such as Bit2Me, Lirium and Mercado Bitcoin Memory and operation. Such a design not only simplifies the transaction process, but also enhances transaction security. The purpose is to make more people willing to accept and use cryptocurrencies, thereby promoting the widespread use of cryptocurrencies.

Mastercard P2P Cryptocurrency Trading Debuts

According to an official press release, Mastercard Cryptocurrency Credentials now connects Latin America and Europe, in line with Mastercard’s strategy to expand into the digital asset ecosystem and integrate financial solutions. At the same time, Mastercard is also seeking new partnerships to further expand the reach and capabilities of its ecosystem.

The launch of Mastercard’s cryptocurrency voucher service will allow users from Peru, Chile, Portugal, Argentina, Guatemala, Panama, Mexico, Brazil, Paraguay, Spain, France, Switzerland and Uruguay to make multi-currency and cross-blockchain transfers trade. This service not only supports cross-border remittances, but also supports domestic transfers.

Foxbit, an emerging cryptocurrency wallet service provider, has joined Mastercard’s cryptocurrency voucher pilot project, which will help attract a larger user base. At the same time, Lulubit users will also gain access to this service through its integration with Lirium.

Mastercard claims that the launch of peer-to-peer transaction functionality is the first use case for Mastercard’s cryptocurrency credentials. In the future, Mastercard may expand this voucher service to non-fungible tokens (NFTs), ticketing services, and other payment methods based on market dynamics and regulatory requirements to meet market needs and comply with relevant regulations.

In a statement, Walter Pimenta, Mastercard’s executive vice president of products and engineering for Latin America and the Caribbean, said:

“As interest in blockchain and digital assets continues to surge in Latin America and globally, it is critical to continue to provide trusted and verifiable interactions on public blockchain networks. We are excited to work with these dynamic partners, Bringing Mastercard Cryptocurrency Credentials closer to realizing their full potential.”

Eliminate transaction complexity

Mastercard’s Cryptocurrency Credentials service works to ensure that transactional interactions between consumers and businesses are effectively verified on blockchain networks. The service places special emphasis on users meeting specific verification standards and ensuring that the recipient’s wallet can accommodate the transferred assets. Such measures can help improve the security and trust of transactions and protect the interests of users.

The service simplifies things for consumers by exchanging metadata, eliminating the need for complex decisions about which assets or blockchains the recipient supports. This design aims to increase trust and certainty in transactions, ensuring that users can feel more at ease and confident when conducting cryptocurrency transactions.

Additionally, the Mastercard Cryptocurrency Voucher service supports the exchange of travel rule information in cross-border transactions. The Travel Rule is a regulatory requirement to ensure transparency in transactions and prevent illegal activities from occurring.

Summarize:

Mastercard’s new cryptocurrency voucher service not only marks the company’s innovative steps to simplify and secure blockchain transactions, but also demonstrates its determination to promote the use of digital assets globally. By partnering with multiple cryptocurrency exchanges and wallet service providers, Mastercard not only improves the convenience and security of transactions, but also opens a door to the world of cryptocurrency for global users. With the promotion and improvement of this service, we have reason to look forward to a more open, convenient and secure digital asset trading environment.

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