Ethereum

Bitcoin

Read

Global payments processor Mastercard has launched its Multi-Token Network (MTN) platform, a solution to foster interoperability within the blockchain ecosystem. 
Raj Dhamodharan, the head of crypto and blockchain at Mastercard, <a href="https://www.mastercard.com/news/perspectives/2023/blockchain-and-digital-assets-putting-trust-at-the-center/" target="_blank" rel="noopener">expressed </a>the company’s vision for MTN as a foundational framework that ensures the security, scalability, and interoperability of transactions within the digital asset and blockchain ecosystems. 
While the announcement does not specify which cryptocurrencies will be supported, it does indicate that Mastercard is collaborating with select partners to enable transfers on public blockchains. 
Interestingly, the initial applications of MTN are not directly related to cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). The platform’s beta phase, scheduled for launch in the UK this summer, will utilize “tokenized bank deposits.” Furthermore, MTN will also allow using “regulated payment tokens” in financial applications. 
These references imply that MTN will primarily focus on fiat bank deposits as blockchain tokens rather than traditional cryptocurrency tokens. 
 You might also like: <a href="https://crypto.news/mastercard-boosts-engage-program-to-prioritize-crypto-integration/"> Mastercard boosts ‘Engage’ program to prioritize crypto integration </a> 
Dhamodharan shed further light on MTN’s capabilities in an <a href="https://fortune.com/crypto/2023/06/28/mastercard-plans-beta-for-a-blockchain-app-store-for-regulated-financial-apps/" target="_blank" rel="noopener">interview </a>with Fortune. He likened the platform to an “app store” for blockchain developers, indicating that MTN will provide tools for developers to leverage. However, a public app store for general users was not confirmed. 
While MTN could support consumer-to-consumer payments, Dhamodharan emphasized that the platform’s potential extends far beyond this functionality. He mentioned that MTN could facilitate payments for non-fungible tokens (NFTs) representing a wide range of assets. This suggests a focus on tokenizing real-world items rather than popular crypto collectibles. 
Furthermore, Dhamodharan disclosed that MTN would grant access to Mastercard’s private version of Ethereum, differentiating it from the public Ethereum chain. The network’s overarching goals of trust and verification indicate its initial focus on semi-traditional financial applications. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="PREPARE: Mastercard Announces *HUGE* New Crypto Strategy in 2023" width="1020" height="574" src="https://www.youtube.com/embed/zS5lK-TsiLg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
This announcement follows Mastercard’s earlier <a href="https://crypto.news/mastercard-to-expand-crypto-payment-card-program/">introduction</a> of the Mastercard Crypto Credential in April. The solution ensures that financial institutions, governments, brands, and crypto organizations adhere to defined standards for activities in Web3 environments. 
Moreover, Mastercard ventured into providing back-end tools and support for financial institutions to offer retail customers white-label cryptocurrency trading and custody services in October. 
Dhamodharan further shared that 60% of consumers expressed interest in seeing their banks provide crypto services, emphasizing the growing maturity of crypto as an asset class. 
 Read more: <a href="https://crypto.news/mastercard-submits-fresh-trademark-application-for-crypto-tech/"> Mastercard submits fresh trademark application for crypto tech </a>

Mastercard unveils multi-token network

crypto.news

Other articles published on Jun 30, 2023

JAN3 CEO: El Salvador Can Pave the Way for Global Bitcoin Adoption

Binance Announces Burn of Inactive Binance-Peg Tokens, Releases Equivalent Amount on Its Network

Nigeria Leads The Pack: ConsenSys Study Shows Crypto Recognition At 92% Globally

Ripple (XRP) Price Declines While Whale Activities Increase

Golteum (GLTM) Joins Chainlink BUILD To Foster Unity Of Crypto and Precious Metals

Mobility in Litecoin (LTC): Is a Pre-Halving Rally Coming?

Join our free newsletter for daily crypto updates!