Mastercard has launched its Crypto Credential solution in the EEMEA region, beginning with the UAE and Kazakhstan.
This initiative aims to enhance the accessibility and security of cryptocurrency transfers, marking Mastercard’s entry into this market.
The Crypto Credential service allows users to send and receive digital assets using simple aliases instead of long, complex blockchain addresses. This innovation aims to simplify blockchain transactions for individuals and businesses, with Mastercard highlighting its collaboration with exchanges such as ATAIX Eurasia, Intebix, CoinMENA, and digital asset provider Fuze.
Gaurang Shah, Mastercard’s EVP for Core Payments in EEMEA, emphasized the company’s commitment to creating innovative solutions, saying the service reflects Mastercard’s focus on making cryptocurrency usage safer and more convenient.
Initially launched in 2023, Mastercard Crypto Credential verifies user identities and ensures transactions are directed to the correct wallets. While blockchain aliases aren’t new, platforms like Unstoppable Domains have offered similar features. Unstoppable Domains partnered with Ethereum Name Service (ENS) in 2023 to enhance support for .eth domain names on its platform. Through this partnership, users who purchased .eth domains on the Unstoppable Domains platform had their domains registered via the ENS smart contract, ensuring seamless functionality akin to domains obtained directly from ENS.
Building on its efforts to streamline blockchain transactions, Mastercard also expanded the reach of its Crypto Credential feature in other regions last year. The feature, which enables users to perform crypto transactions using simple aliases rather than complex blockchain addresses, went live on exchanges such as Bit2Me, Lirium, and Mercado Bitcoin. The rollout allowed individuals in countries like Argentina, Brazil, Chile, France, Guatemala, and Mexico to send and receive peer-to-peer transactions across various currencies and blockchains. Crypto wallet provider Foxbit also participated in the Mastercard Crypto Credential pilot, bringing the feature to even more users. Additionally, Lulabit users gained access through integrations with Lirium.
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