Good morning Hive Guys 👋🏼 Mastercard has launched "Mastercard Crypto Credential," a new peer-to-peer network that facilitates cross-border crypto payments between Europe and South America. Currently in its pilot phase, this initiative represents a significant step for the world of cryptocurrencies. 🔥
The network will allow users of various exchanges to make payments using digital assets, simplifying interactions between consumers and businesses and reducing the complexity typical of traditional crypto services.
Walter Pimenta, Executive VP for Latin America at Mastercard, stated that it is essential to provide reliable and verifiable interactions on public networks, given the growing interest in blockchain and digital assets. Operationally, users will be able to use the "tags" of their crypto wallets to facilitate payments between Europe and South America, utilizing multiple currencies and blockchains. The service is currently available on Bit2Me, Lirium, and Mercado Bitcoin. 🚀
Mastercard Crypto Credential verifies the validity of the recipient's transaction address, ensuring it supports the associated crypto. If the address is not valid, the transaction does not proceed, protecting all parties from potential fund loss.
The project reflects Mastercard's goal to apply blockchain payments in the real world, addressing the concrete needs of a large segment of the global population, particularly in the remittance sector. According to the UN, international remittances reached approximately $831 billion in 2022. 💲
❓In your opinion, what are the advantages and implications of launching the peer-to-peer network "Mastercard Crypto Credential" for cross-border crypto payments ❓