Mastercard has launched its Crypto Credentials solution in the UAE and Kazakhstan, allowing users to send and receive cryptocurrencies with simple aliases.
The EEMEA area now has a Crypto Credential solution for people in the UAE and Kazakhstan.
Blockchain names that were hard to use and understand have finally been sent to the crypto graveyard. You don’t need to remember blockchain addresses if you can give and receive cryptocurrency with simple aliases.
With agreements with exchanges like ATAIX Eurasia, Intebix, and CoinMENA, this game-changing tech was built. It makes transactions safer and smoother. It also makes sure that the wallet of the person you’re sending money to supports the assets you’re sending. This reduces mistakes and builds trust.
“Crypto is growing up, and we’re all about making it easy to use, safe, and reliable,” said Gaurang Shah, EVP of Core Payments for EEMEA at Mastercard. Mastercard is making it even more clear that it wants to change the way people use digital assets.
Things are going to get a lot more volatile, which will push digital assets into the center of global markets. The fact that Mastercard works with crypto exchanges that are closely controlled makes it easier and safer for people who are new to blockchain to get started.
This also changes the way people can manage their money, especially the millions of people around the world who don’t have bank accounts. Instead of third parties, smart contracts are used to make transfers easier, faster, and more scalable.
Mastercard is trying to become a key player in the global banking system as it continues to move toward blockchain.
The cryptocurrency market is expected to grow very quickly and could be worth as much as gold, which is worth $18 trillion. This means that Mastercard’s $473 billion business is ready for long-term growth.
What’s Coming Up for Crypto Credentials Next?
At the moment, the pilot is only testing trades between peers. Mastercard is planning some big moves, though.
The company wants its solutions to be a big part of changing how digital assets are used in many different fields in the future. Think about NFTs, tickets, and next-generation payment methods, though this will depend on what the market wants and what the rules are.
The UAE and Kazakhstan have now joined the Crypto Credentials network, which is a big step forward for it. They join a growing number of global markets that are already using this technology to its advantage. North America, Europe, Latin America, and the Asia-Pacific region are all connected by this network.
For now, this function is only being made available to crypto wallet users who have been invited.
Mastercard is trying to gradually make it easier for more people to use, and in the next few months, it should be easier for even more people to use.
It will be possible for more people to try out this new feature as the ecosystem grows.
