A new service from Mastercard is here, and it offers crypto users a chance to take advantage of its peer-to-peer (P2P) network to send and receive digital assets across various countries.
It allows cross-border transfers for users in several countries in Europe and Latin America, with different crypto companies in partnership with the company for the service.
This is done through the Mastercard Crypto Credential aliases, complete with a verification program to ensure transaction legitimacy.
Mastercard Launches Its P2P Crypto Network
Mastercard announced in its press release that it now offers a way for users to send and receive cryptocurrencies via its newly launched P2P network simplifying the experience for all. Instead of using the traditional complex blockchain addresses for the transfers, the fintech company offers to have it available via Mastercard Crypto Credential aliases that are made unique for a user.
The company will verify the transactions among customers and businesses using the blockchain networks that undergo these transfers, one that assures that both ends are verified under its standards.
The Mastercard Crypto Credential will help the metadata exchange with a more simplified approach toward the transactions through the supported wallets.
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Cross-Border Transfers in EU, Latin America
Cross-border transfers are also available through this P2P network from Mastercard, which supports the Travel Rule information available in several European and Latin American countries. These include Argentina, Brazil, Chile, France, Guatemala, Mexico, Paraguay, Panama, Peru, Portugal, Spain, Switzerland, and Uruguay.
It is available on Bit2Me, Lirium, and Mercado, and Mastercard has added Foxbit as its latest crypto wallet partner.
P2P Crypto Network: What’s Its Benefits?
The peer-to-peer network is known for offering users a chance to buy various digital coins and assets instantly, and this allows a swift transaction that does not have any intermediaries that could slow up the process.
This means that a user may purchase it directly from another user via a platform, and one example of this is Bitcoin, the top cryptocurrency built on this network.
In this example, Bitcoin’s peer-to-peer network allows for direct transactions from one user to another. However, it still validates these exchanges through a distributed network of nodes. Furthermore, various complex cryptographic processes will also be present to help with the verifications, but they have proven to be a challenge to regulate.
The renowned credit card and fintech company Mastercard has long embraced the crypto industry, initially helping to combat digital asset fraud.
However, Mastercard is now taking a more proactive approach to cryptocurrency transactions, offering a P2P network that allows users to send and receive asset transfers across borders and different platforms.
Related Article: Mastercard Launches Crypto Secure to Combat Digital Asset Fraud
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