Concatenated blockchain technology helps cross-border sending and receiving of digital assets! Mastercard launches cryptographic credentials

Mastercard has recently been actively deploying Web3. Its newly launched encrypted certificate function can verify identities on its peer-to-peer (P2P) network, helping customers use blockchain technology to cross Send and receive digital assets across borders and address regulatory issues such as travel rules.

Mastercard Crypto Vouchers Launched in Select Countries in Latin America and Europe

Mastercard has partnered with Bit2Me, Lirium and Mercado Bitcoin exchanges to enable P2P instant trading capabilities, allowing them to launch in Latin America and Simple and secure blockchain transactions across European corridors. Countries currently supported include: Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.

The Mastercard Crypto Credential function launched by Mastercard allows partner exchanges to verify users based on their credentials. At this point, users will be given an alias (similar to ENS) to send and receive funds between all supported exchanges. This way, sending money does not require entering an address, but a more convenient username. When a user initiates a transfer, Mastercard cryptographic credentials verify 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 potential loss of funds.

Removing Blockchain Complexity and Potential Illegal Activity

Mastercard cryptographic credentials help authenticate interactions between consumers and businesses using blockchain networks. It guarantees that the user has met a set of verification criteria and confirms that the recipient’s wallet supports the transferred assets. Mastercard Crypto Credentials removes the complexity of crypto assets or the blockchain, bringing more trust and certainty to these transactions.

Additionally, Mastercard cryptographic credentials enable the exchange of travel rule information for cross-border transactions. The Travel Rule is a regulatory requirement to ensure transparency and prevent potentially illegal activity.

According to its press release, P2P transactions are only the first step for Mastercard’s encrypted certificates, and the business will be expanded to NFT, ticketing and other payment solutions in the future depending on supervision.

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