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Mastercard’s crypto credentials P2P pilot program goes live

Mastercard is taking a significant step in the digital currency space with the launch of its Crypto Credential initiative and a new peer-to-peer (P2P) pilot program. This move aims to enhance the security, efficiency, and scalability of cryptocurrency transactions.

Published

9 months ago

May 30, 2024

Crypto News Team

The Mastercard Crypto Credential is designed to establish a set of common standards and infrastructure for verifying interactions within the blockchain ecosystem. By implementing these credentials, Mastercard intends to streamline and secure digital transactions, making them more reliable for businesses and consumers.

In conjunction with this initiative, Mastercard has introduced a P2P pilot program to explore the potential of direct cryptocurrency transfers between individuals. This pilot will leverage the Crypto Credential framework to ensure that P2P transactions are secure, compliant, and seamless.

Raj Dhamodharan, Mastercard’s Executive Vice President of Blockchain and Digital Assets, highlighted the importance of this development. “The Mastercard Crypto Credential and P2P pilot program represent a crucial step in building a trusted and scalable framework for digital currency transactions. Our goal is to provide consumers and businesses with a secure and efficient way to engage with cryptocurrencies,” he said.

The P2P pilot program will initially focus on transfers between users in select markets, with plans to expand based on the results and feedback from the initial phase. By integrating the Crypto Credential, Mastercard aims to mitigate risks such as fraud and ensure compliance with regulatory requirements.

Mastercard’s move comes at a time when the adoption of digital currencies is rapidly increasing, and there is a growing need for standardized and secure methods of transaction. The company is positioning itself as a leader in this space by offering solutions that enhance the usability and trustworthiness of cryptocurrencies.

The launch of the Crypto Credential and P2P pilot program is expected to pave the way for broader acceptance and integration of digital currencies into mainstream financial systems. Mastercard’s proactive approach in setting standards and exploring innovative use cases demonstrates its commitment to driving the future of digital finance.

As the program progresses, Mastercard will work closely with partners and stakeholders to refine and expand its offerings, ensuring that the solutions meet the evolving needs of the digital economy. This initiative underscores Mastercard’s dedication to fostering innovation and security in the rapidly changing landscape of digital payments.

Related Topics:Crypto Currency crypto news

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Vitalik Buterin criticizes crypto’s moral shift toward gambling

Published

3 days ago

February 20, 2025

Crypto News Team

Ethereum co-founder Vitalik Buterin has expressed concerns over a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling. In a recent AMA, he noted that some have condemned Ethereum for not welcoming casinos, while other blockchains have embraced them. Buterin stated that if the community continues to shift its values in this direction, he may reconsider his role in the space.

Despite these concerns, Buterin emphasized that in-person interactions with the Ethereum community reassure him that core values remain intact. He urged developers to work toward a decentralized future aligned with ethical principles rather than just profit-driven ventures.

His comments coincide with the Ethereum Foundation’s shift in its funding approach. Following criticism of its Ether sales, the foundation recently allocated 45,000 ETH into DeFi platforms like Aave and Compound. This move was widely praised as a step toward supporting decentralized finance without market disruptions.

As Ethereum navigates these challenges, Buterin’s remarks highlight the ongoing debate about blockchain ethics and the industry’s future direction. The conversation around gambling applications and decentralized finance underscores the tension between financial innovation and maintaining a moral compass in crypto.

Business

UAE saw 41% increase in crypto app downloads in 2024

Published

3 days ago

February 20, 2025

Crypto News Team

Crypto app downloads in the UAE surged by 41% in 2024, reaching 15 million, with a record 2.8 million installs in December, according to AppsFlyer. This increase was largely driven by market trends and rising adoption, especially in the latter half of the year.

Donald Trump’s election win and pro-crypto stance reportedly played a role in boosting adoption, with his surprise memecoin launch further attracting first-time investors. This trend also contributed to a rise in crypto app downloads in the U.S.

Aggressive marketing campaigns accounted for 60% of traffic, though retention remained a challenge, as one in five apps was uninstalled within 30 days. Despite this, crypto app downloads in the UAE hit 3.5 million in January, surpassing half of 2023’s total.

With 2025 projected to be a record-breaking year, market experts suggest crypto companies should continue leveraging marketing strategies to expand their user base. The UAE’s rapid growth in crypto adoption highlights the region’s increasing role in the digital asset industry.

Business

Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL

Published

3 days ago

February 20, 2025

Crypto News Team

Brazil has approved its first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, which will soon begin trading on the country’s B3 exchange. The fund, managed by Hashdex, joins a growing list of crypto investment products in Brazil, including Bitcoin and Ethereum ETFs. The approval comes as the U.S. Securities and Exchange Commission (SEC) reviews multiple spot XRP ETF filings from major firms like CoinShares and WisdomTree.

In response to this development, XRP saw an 8% price increase, reaching $2.72, bringing it within 20% of its all-time high. This surge reflects growing investor confidence in XRP-based financial products. Meanwhile, market analysts expect the approval of additional crypto ETFs worldwide as regulators reassess their stance on digital assets.

Simultaneously, Braza Group, a financial institution in Brazil’s interbank market, announced plans to launch BBRL, a stablecoin pegged to the Brazilian real. Built on the XRP Ledger, BBRL aims to enhance international payments and digital asset accessibility in South America. Initially, the stablecoin will be available only to institutional clients, with broader adoption expected in 2025.

Braza Group’s participation in Brazil’s central bank blockchain initiative, DREX, underscores the country’s efforts to integrate digital assets into its financial system. With crypto adoption surging, Brazil’s latest moves in stablecoin and ETF approvals signal growing institutional confidence in blockchain-based finance. Read more.