Mastercard, a leading provider of credit card services, is expanding its footprint into the burgeoning digital asset space.
In an ambitious move, the payments giant plans to launch a blockchain-based marketplace for financial applications, propelling the evolution of payment solutions beyond traditional parameters.
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Mastercard developing Ethereum-based multi-token network.
Diving Deeper into Blockchain Technology
Mastercard is set to launch the beta version of its Mastercard Multi Token Network (MTN) in the UK, which is being described as an "app store powered by blockchain technologies for building regulated financial applications." Raj Dhamodharan, Mastercard's Executive Vice President and Head of Crypto and Blockchain, highlighted the usefulness of the underlying technology that powers crypto. The MTN will provide developers with access to a range of tools, including a private Ethereum-based blockchain designed for creating new applications. Mastercard's commitment to the digital asset sector is further demonstrated by products such as 'Crypto Secure,' 'Crypto Source,' and 'Crypto Credential,' which aim to enhance transparency and trust in the digital asset space. The beta version of MTN will enable developers to experiment with tokenized commercial bank deposits and blockchain data that provides real-time insights into a person's bank account balance.
Mastercard's Vision for the Future of Payments
Mastercard aims to establish the MTN as a reliable platform that offers essential features to ensure secure and efficient transactions within the blockchain and digital asset ecosystems. The company emphasizes the significance of trust in this new digital landscape.
"To realize the potential of blockchain and digital assets as critical infrastructure for storing and moving value, we’re launching the Mastercard Multi-Token Network."
Mastercard predicts that the growth arc of digital asset and blockchain technologies will have a transformational impact on the global economy, similar to the impact of the internet.
"We believe that digital asset and blockchain technologies today are on a similar trajectory, one day becoming critical infrastructure for storing and moving value."
Mastercard's entry into the blockchain app store space is a significant move towards the adoption of crypto technology in the financial industry. This demonstrates the company's commitment to promoting a wider range of secure, accessible, and always-on payment solutions. The launch of the MTN is one of the company's most ambitious projects to date and is a crucial step towards fulfilling their vision for the future of payments. Mastercard plans to make the MTN available in more markets worldwide, creating an environment where the digital asset industry can flourish.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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