On January 9, 2025, Mastercard made a noteworthy advancement in the cryptocurrency sector by launching its Crypto Credential solution in the United Arab Emirates and Kazakhstan.
Mastercard enters Eastern Europe, Middle East, and Africa (EEMEA) to simplify blockchain transactions and boost user trust.
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Simplifying cryptocurrency transactions
The Mastercard Crypto Credential allows users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses. This innovation is designed to reduce errors during transactions and ensure that transfers only proceed if the recipient’s wallet supports the asset being sent.
Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard, stated,” 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 instil trust in blockchain technology while transforming how people interact with digital assets”.
Mastercard partnered with regional exchanges such as ATAIX Eurasia, Intebix, CoinMENA, and digital asset infrastructure provider Fuze to facilitate this service. The focus will initially be on peer-to-peer transactions, potentially expanding into NFTs and ticketing based on market needs.
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Building trust in blockchain technology
As the cryptocurrency ecosystem matures, Mastercard aims to enhance security and accessibility for users. The Crypto Credential solution verifies users according to standards, ensuring compliance with regulatory frameworks like the Travel Rule. This process adds a layer of assurance for both consumers and businesses engaging in blockchain transactions.
Talal Tabba, CEO of CoinMENA, stated, “It is exciting to see Mastercard embracing blockchain technology and moving on-chain. Innovations like the Mastercard Crypto Credential program are key to building trust and making digital assets more accessible and user-friendly, especially for joiners from traditional finance.”
Mastercard strengthens its commitment to cryptocurrency security and user experience in EEMEA with this launch.