Mastercard has launched Crypto Credential in the UAE and Kazakhstan to allow crypto exchange users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses. The solution is making its debut in Eastern Europe, Middle East and Africa.
The solution is facilitated through Mastercard’s partnerships with key exchanges and providers in the region. It also helps verify transactions among consumers and businesses using blockchain networks, providing the assurance that a user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset.
Mastercard expects Crypto Credential to bring greater trust and certainty to crypto transactions based on the exchange of metadata and Travel Rule information.
CoinMENA, a regulated crypto exchange in the UAE, and Fuze, also regulated by VARA in Dubai UAE have partnered with MasterCard for this solution. ATAIX Eurasia and Intebix in Kazakhstan are also involved in the launch.
“It is exciting to see Mastercard embracing blockchain technology and moving on-chain. Innovations like Mastercard Crypto Credential program are key to building trust and making digital assets more accessible and user-friendly, especially for joiners from traditional finance,” said Talal Tabba, the CEO of CoinMENA.
Gaurang Shah, the Executive Vice President and Head of Core Payments EEMEA, Mastercard, also spoke about Crypto Credential. He said, “As the cryptocurrency landscape continues to mature, we’ve been laser focused on developing innovative services and capabilities that help make crypto more accessible and secure, streamline the transaction process and enhance trust in the ecosystem. In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets.”
How Mastercard’s Crypto Credential works
Mastercard Crypto Credential was introduced to be a simpler alternative for crypto transactions. The exchange first verifies the user under the set of Mastercard Crypto Credential standards. At that point, the user obtains an alias to send and receive funds across all supported exchanges.
When a user initiates a transfer, the solution confirms that the recipient’s alias is valid and that the recipient’s wallet supports the digital asset and associated blockchain. If this is not the case, the sender is notified, and the transaction does not proceed, protecting all parties from potential loss of funds.
While the pilot will initially focus on facilitating peer-to-peer transactions, the potential applications of Crypto Credential are expansive, with future capabilities to include NFTs, ticketing, and other innovative payment solutions, depending on market and compliance requirements.
UAE and Kazakhstan join North America, Europe, and Latin America
The UAE and Kazakhstan are joining previously activated markets in North America, Europe, Latin America, and the Asia Pacific, where users can send digital assets domestically and across borders, throughout the included regions, and across multiple blockchains and assets.
A select group of crypto wallet users will use Mastercard Crypto Credential on a first-come, first-serve basis. The availability criteria will be expanded across the participating exchanges over the coming months.
Аrutyun Poghosyan, the CEO of ATAIX Eurasia stated, “We are incredibly excited to join Mastercard’s interregional partnership to implement the crucial and timely Mastercard Crypto Credential technology. We look forward to strengthening our collaboration with Mastercard even further.”
Mo Ali Yusuf, the CEO of Fuze added, “This partnership not only strengthens our commitment to supporting banks and fintechs in adopting crypto solutions but also marks a significant step in building trust and enhancing reliability within the evolving crypto landscape.”
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear