• Mastercard has launched a new platform called the Mastercard Multi-Token Network (MTN).
• MTN is an “app store powered by blockchain technologies for building regulated financial applications”.
• The world’s second-largest payments network will release the beta version of the MTN in the UK this summer as a test bed for applications and use cases with financial institutions, fintech firms and central banks.
Mastercard Launches Blockchain App Store
Payments giant Mastercard is rolling out a new platform for blockchain-based applications as it expands its presence in the digital asset space. The Mastercard Multi-Token Network (MTN) is an “app store powered by blockchain technologies for building regulated financial applications.”
Features of MTN
MTN provides developers access to Mastercard’s tools including a private version of the Ethereum (ETH) blockchain for building new applications. It also includes tokenized bank deposits, making it available in additional markets around the world over time.
Mastercard’s Crypto Foray
Mastercard introduces MTN as it actively ventures into the world of crypto. Earlier this month, the firm filed an application to trademark a set of crypto and blockchain tools. The payments titan also recently announced that it is expanding its Engage partner network to broaden access to digital assets.
Goal of MTN
According to Raj Dhamodharan, executive vice president and head of crypto and blockchain at Mastercard, “MTN represents one of Mastercard’s most ambitious projects in the digital asset space to date… Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future.”
Beta Version Release
The beta version of MTN will be released in UK this summer as a test bed for applications and use cases with financial institutions, financial technology (fintech) firms and central banks.