Mastercard Introduces 'Multi-Token Network' to Support Wider Digital Asset Industry

Mastercard has introduced its Multi-Token Network (MTN), an app store powered by blockchain technologies for building regulated financial applications. “MTN represents one of Mastercard’s most ambitious projects in the digital asset space to date,” said the payment giant’s head of crypto and blockchain. “Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future.”

Mastercard Unveils Multi-Token Network

Raj Dhamodharan, Mastercard’s head of crypto and blockchain, announced in a blog post on Wednesday:

Today, we are taking the next step on our journey with the introduction of Mastercard Multi-Token Network, a tailor-made solution for the industry.

“Our vision for MTN is to provide a set of foundational capabilities designed to make transactions within the digital asset and blockchain ecosystems secure, scalable, and interoperable — ultimately enabling more efficient payment and commerce applications,” he explained.

The new Multi-Token Network is an “app store powered by blockchain technologies for building regulated financial applications,” the executive told Fortune. The platform will provide developers with access to a range of tools that Mastercard has been developing in recent months, the publication conveyed, adding that these tools include a private version of the Ethereum blockchain, which Mastercard will promote for developers to build innovative applications.

The beta version of MTN will be released in the U.K. this summer, which will serve as a testing platform “for developing live pilot applications and use cases with financial institutions, fintechs, and central banks,” Dhamodharan’s blog post adds.

“The first phase of the applications will be powered by tokenized bank deposits. Over time, we plan to make MTN available in additional markets around the world,” the executive noted, emphasizing:

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.

Dhamodharan explained that Mastercard believes that one day, digital asset and blockchain technologies will become “critical infrastructure for storing and moving value.”

The payment giant has actively engaged in multiple crypto, blockchain, and central bank digital currency (CBDC) projects, including crypto cards, CBDC pilots, Crypto Secure, Crypto Source, and Crypto Credential. The company also recently filed a new trademark application covering a range of crypto products and services.

What do you think about Mastercard’s Multi-Token Network? Let us know in the comments section below.

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