Mastercard Inc. (NYSE:MA) has launched a new service called “Crypto Credential” that aims to improve the security and ease of peer-to-peer cryptocurrency transactions in various European and Latin American countries. The service allows users to create a Mastercard username to send and receive Bitcoin and other cryptocurrencies through exchanges such as Bit2Me, Lirium and Mercado Bitcoin, which operate in regions such as Brazil, Argentina and France.
Walter Pimenta, Senior Vice President of Products and Engineering for Latin America and the Caribbean at Mastercard, emphasized the need for secure transactions in the expanding blockchain and digital asset space. “With growing interest in blockchain and digital assets in Latin America and globally, it is important to provide trusted and verifiable interactions across public blockchain networks,” Pimenta said.
Cryptocurrency transactions traditionally involve complex wallet addresses consisting of long, random strings of characters. Any mistakes in this address may result in loss of funds. Mastercard’s new service solves this problem by alerting the sender if the recipient’s wallet does not support a particular asset or blockchain, preventing the transaction and protecting users from potential losses.
This service also prevents fraud involving similar addresses. Fraudsters often exploit truncated wallet addresses to display only the first and last few characters. Mastercard’s Crypto Credential mitigates these risks, ensuring safer transactions for users.
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