MasterCard Launches Peer-to-Peer (P2P) Cryptocurrency Exchange Service

Payment giant, MasterCard MasterCardgrowing interest in digital currencies, and this week announced new updates and partnerships, as well as the first peer-to-peer (P2P) transactions for users of its digital currency service.

MasterCard Launches Peer-to-Peer Cryptocurrency Exchange Service

A decisive step, the giant MasterCard platform has announced the launch of a new payment serviceDigital currencies Peer-to-peer (P2P). This milestone comes after the leading financial services platform realized the importance of early adoption of cryptocurrency technologies. AndShe says The company in its press release:

“For the first time, exchange users will be able to send and receive cryptocurrencies using their crypto credentials from the Mastercard Crypto Credential platform, instead of their typically long and complex blockchain addresses.”

Mastercard Crypto Credentials are accounts that represent users and businesses on blockchain networks. It allows the payment company to carry out checks, particularly in terms of security. For example, it can ensure that the receiving wallet is compatible with the token the user is trying to send.

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Initially, the new MasterCard service focuses on leading partners in Latin America and some European countries. In this regard, it also cooperates with cryptocurrency exchanges such as: Bit2Me, Lirium and Mercado Bitcoin.

For now, this solution will be available in a few regions: Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay. The company will then consider expanding its new service to the rest of the world.

Last year, he was executive vice president of the Blockchain division.Digital assets at MasterCard It was revealed that the latter is committed to supporting innovation in the payments sector. He also spoke about the global payment intermediary's efforts to include, adopt and embrace innovative technology and benefit from its capabilities.

Despite its interest in the modern financial sector, Mastercard is taking very cautious steps due to the lack of a real regulatory environment, in addition to the risks associated with cryptocurrency services.

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Mastercard's entry into the world of P2P crypto payments could have a major impact on the cryptocurrency market. The move could encourage other major companies to do the same, enabling the integration of digital currencies into the global economy.