In a move to capitalize on the growing interest in blockchain and digital assets, Mastercard has announced the launch of its Mastercard Crypto Credential network, a peer-to-peer platform for cryptocurrency users in Europe and Latin America.
The new P2P network, currently in pilot mode, will enable cross-border payments across the Atlantic, with support for transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges. This initiative is part of Mastercard’s broader strategy to leverage digital assets for cross-border payments, a rapidly expanding sector in the payments services industry.
“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 of Product and Engineering for Latin America and the Caribbean at Mastercard.
In addition to the P2P network, Mastercard is also introducing a unique feature – Mastercard Crypto Credential aliases. These short-hand labels for crypto wallets are similar to the vanity addresses offered by the Ethereum Name Service (ENS) on the Ethereum network. This wallet labeling feature is expected to facilitate cross-border payments and help Mastercard capture a larger share of the fast-growing remittances services sector, which is a key focus area for the company’s crypto push.
With the launch of the Mastercard Crypto Credential network and the vanity address system, Mastercard is positioning itself as a key player in the rapidly evolving world of cryptocurrency and cross-border payments, catering to the growing demand for trusted and seamless digital asset transactions.