Mastercard, the global payments giant, is set to venture further into the world of cryptocurrencies and blockchain technology with the launch of its “Multi Token Network” (MTN).
The MTN will serve as an app store powered by blockchain technologies, providing a platform for building regulated financial applications. With this move, Mastercard aims to support the wider digital asset industry and promote confidence in its future.
Through the MTN, developers will gain access to a range of tools that Mastercard has been developing. Among these tools is a private version of the Ethereum blockchain, which the company encourages developers to utilize for building innovative applications.
Raj Dhamodharan, Executive Vice President and Head of Crypto and Blockchain at Mastercard, emphasized the usefulness of the underlying technology behind cryptocurrencies.
Mastercard’s MTN is considered a natural evolution of its commitment to the digital asset sector. The company has previously explored non-fungible tokens (NFTs), crypto-linked credit and debit cards, crypto infrastructure, and developer tools.
Mastercard’s products, such as “Crypto Secure,” “Crypto Source,” and “Crypto Credential,” aim to bring more transparency and trust to the crypto space.
Developers using MTN’s beta version will have the flexibility to write programs and applications in Solidity, the Ethereum programming language.
This allows for seamless integration with the Ethereum blockchain ecosystem. Furthermore, developers will be able to experiment with tokenized commercial bank deposits and access blockchain data that reflects individuals’ account balances accurately.
Mastercard intends to roll out the MTN in additional markets worldwide over time. The company’s commitment to supporting the digital asset industry underscores its belief in the potential of blockchain technology and its desire to foster confidence in its application within the financial sector.
