• Mastercard has launched its Multi-Token Network (MTN) platform, a solution to foster interoperability within the blockchain ecosystem.
• The platform’s beta phase will utilize “tokenized bank deposits” and enable transfers on public blockchains.
• MTN will also provide tools for developers to leverage, allowing access to Mastercard’s private version of Ethereum.
Mastercard Launches Multi-Token Network
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, expressed 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.
Beta Phase Utilizes Tokenized Bank Deposits
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.
Functionalities Beyond Consumer-to-Consumer Payments
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.
Tools For Developers To Leverage
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.
Mastercard Crypto Credential Introduced in April
This announcement follows Mastercard’s earlier introduction of the Mastercard Crypto Credential in April. The solution ensures that financial institutions, governments, brands, and crypto organizations adhere to defined standards before conducting cross border transactions involving cryptocurrencies like Bitcoin or Ethereum