- The innovative solution helps verify cryptocurrency interactions among consumers and businesses using blockchain networks
- CoinMENA, ATAIX Eurasia and Intebix join the Mastercard Crypto Credential pilot ecosystem, expanding availability in the Middle East and Eastern Europe
- Crypto-wallet-as-a-service provider Fuze also joins to extend the reach to more businesses and consumers in the region
Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard
Dubai, UAE; 9 January 2025: Mastercard has introduced the latest expansion of its innovative Mastercard Crypto Credential solution to the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East and Africa (EEMEA) region.
Mastercard Crypto Credential simplifies the consumer experience allowing crypto exchange users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses, 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. It brings greater trust and certainty to crypto transactions through the exchange of metadata and Travel Rule information.
This latest expansion will enable exchanges such as ATAIX Eurasia, Intebix, and CoinMENA, as well as Fuze, one of the leading Digital Asset Infrastructure providers, to simplify and secure blockchain transactions for users in the region.
“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,” said Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard
Using Mastercard Crypto Credential is simple. 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.
The UAE and Kazakhstan are joining previously activated markets in North America, Europe, Latin America, and Asia Pacific where users can send cross-border and domestic digital asset transfers within and between the regions across multiple blockchains and assets. A select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis. Wider availability will roll out across the participating exchanges over the coming months.
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“We are committed to fostering innovation in the digital asset space while ensuring a secure, transparent environment for all market participants,” said Yagub Zamanov, FinTech Division Director, Astana Financial Services Authority (AFSA). “By providing clear regulatory frameworks, we aim to build trust and confidence. Collaboration with global partners like Mastercard is key to establishing consistent standards, ensuring the long-term growth and integrity of the sector.”
“Working with Mastercard to develop digital asset solutions is essential to shaping the future of fintech not only in Kazakhstan but around the world,” said Talgat Dossanov, CEO, Intebix. “The introduction of Mastercard Crypto Credential marks a pivotal step in the development of digital finance, providing a trusted framework for the safe and seamless integration of digital assets into the global economy. By providing Intebix clients with Mastercard’s groundbreaking peer-to-peer technology, we are laying the foundation for a more trusted, transparent, and inclusive digital asset ecosystem.”
“As one of the leading cryptocurrency exchanges in Kazakhstan, licensed by the AIFC, ATAIX Eurasia is focused on building a legal and accessible cryptocurrency infrastructure in the Eurasian and, eventually, global financial markets,” said Аrutyun Poghosyan, CEO ATAIX Eurasia. “That is why 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.”
“At Fuze, our collaboration with Mastercard on the Crypto Credential initiative underscores our dedication to advancing secure, efficient, and inclusive digital asset transactions across the EEMEA region,” said Mo Ali Yusuf, CEO, Fuze.“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.”
“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, CEO, CoinMENA.
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