UAE and Kazakhstan join global rollout of Mastercard crypto credential system
Mastercard crypto credential system
Mastercard has launched its groundbreaking Crypto Credential solution in the United Arab Emirates and Kazakhstan, a move aimed at making cryptocurrency transactions simpler, safer, and more accessible.
By introducing the ability to send and receive digital assets using easy-to-remember aliases instead of complex blockchain addresses, the global payments leader is addressing key barriers to wider crypto adoption, according to the Cryptopolitan.
Simplifying Crypto Transactions with Verified Trust
The Crypto Credential solution is designed to verify users against a set of compliance standards. Once verified, users can create aliases that work seamlessly across supported exchanges. Before a transaction is processed, Mastercard ensures the recipient’s wallet is compatible with the digital asset, preventing failed transfers and reducing the risk of lost funds.
The initiative is part of Mastercard’s broader effort to instill trust in blockchain technology while streamlining the crypto experience. It also aligns with regulatory requirements, including the exchange of metadata and Travel Rule information to enhance transparency and security.
The rollout in the UAE and Kazakhstan is being facilitated through partnerships with leading regional crypto players such as CoinMENA and Fuze in the UAE and ATAIX Eurasia and Intebix in Kazakhstan. These partnerships aim to bridge traditional finance and the rapidly growing digital asset ecosystem.
“This is a pivotal moment for blockchain technology. Solutions like Mastercard Crypto Credential help build trust and make digital assets more accessible,” said Talal Tabba, CEO of CoinMENA.
While the initial focus is on peer-to-peer transactions, Mastercard envisions expanding the solution to other applications, including NFTs and ticketing. With its debut in the EEMEA region, Crypto Credential underscores Mastercard’s commitment to fostering innovation and building trust in the global crypto ecosystem.
Floki has partnered with Mastercard to launch a debit card supporting 13 cryptocurrencies, including Bitcoin, Ethereum, and Floki Inu, available in physical and virtual forms across 31 European countries. The card features a $5,000 daily spending limit, no transaction fees, and a 2% top-up charge.
