https://www.mastercard.com/news/pre...nsactions-adds-new-partners-to-the-ecosystem/ PRESS RELEASE Mastercard Crypto Credential goes live with first peer-to-peer pilot transactions, adds new partners to the ecosystem MAY 29, 2024 What we’re saying: For the first time, crypto exchange users will be able to send and receive crypto using their Mastercard Crypto Credential aliases, instead of the typically long and complex blockchain addresses. The live transaction capabilities are enabled on the Bit2Me, Lirium and Mercado Bitcoin exchanges, allowing them to enable blockchain transactions simply and securely between Latin American and European corridors. Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay will be able to send cross-border and domestic transfers across multiple currencies and blockchains. Building on this momentum, Foxbit is the latest crypto wallet provider to join the Mastercard Crypto Credential pilot ecosystem, extending the reach to more consumers. Lulubit users will also receive access through its integration with Lirium. What it means: Mastercard Crypto Credential helps verify interactions among consumers and businesses using blockchain networks. It provides the assurance that the user has met a set of verification standards and confirms that the recipient’s wallet supports the transferred asset. Through the exchange of metadata, Mastercard Crypto Credential eliminates the complexity of a consumer knowing which assets or chains are supported by the person they are looking to send funds to, bringing more trust and certainty to these transactions. Mastercard Crypto Credential supports the exchange of Travel Rule information for cross-border transactions. The Travel Rule is a regulatory requirement to ensure transparency and prevent potentially illegal and illicit activities. The P2P transaction is the first of many possible use cases that Mastercard Crypto Credential aims to support. Others may extend to NFTs, ticketing, and other payments solutions depending on market and compliance requirements. How it works: The exchange will first verify a user under the set of Mastercard Crypto Credential standards. At that point, the user obtains an alias to send and receive funds across all supported exchanges. When a user initiates a transfer, Mastercard Crypto Credential verifies that the recipient’s alias is valid, and that the recipient’s wallet supports the digital asset and associated blockchain. If the receiving wallet does not support the asset or blockchain, the sender is notified and the transaction does not proceed, protecting all parties from the potential loss of funds. Why it matters: This milestone marks the first real-world application of the Mastercard Crypto Credential vision, which was 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. Hear from the experts: “Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront,” said Walter Pimenta, executive vice president, Product and Engineering, Latin America and the Caribbean at Mastercard. “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. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.” “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. “This is an important step in strengthening our presence in the cryptocurrency market. Our collective work, which includes joining the Mastercard Crypto Credential ecosystem as well as launching the Foxbit Card, aligns perfectly with our mission to expand the usability and accessibility of cryptocurrencies, offering our customers more ways to manage and make the most of their digital finances.” “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. “With Mastercard Crypto Credential, we can ensure the traceability of all blockchain transactions with a higher level of compliance, while also providing an exceptional user experience.” "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. What happens next? 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. To learn more about Mastercard Crypto Credential, please contact cryptopartnerships@mastercard.com.
The more I am reading the news lately, the more I am led to believe that crypto will not remain so "decentralized" for long.