Mastercard Launches Multi-Token Network: Here’s What You Need to Know
•Mastercard has launched its Multi-Token Network (MTN) platform to foster interoperability within the blockchain ecosystem.
•The platform’s beta phase will utilize “tokenized bank deposits,” and also allow regulated payment tokens in financial applications.
•The platform will provide tools for developers to leverage, and can facilitate payments for non-fungible tokens representing a wide range of assets.
Mastercard Unveils Multi-Token Network
Global payments processor Mastercard has launched its Multi-Token Network (MTN) platform with the aim of fostering interoperability within the blockchain ecosystem. The head of crypto and blockchain at Mastercard, Raj Dhamodharan, expressed that the company’s vision for MTN is as a foundational framework that ensures security, scalability, and interoperability of transactions within the digital asset and blockchain ecosystems.
Beta Phase Launch
The initial applications of MTN are not directly related to cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). The platform’s beta phase is scheduled for launch in the UK this summer and will utilize “tokenized bank deposits” as well as “regulated payment tokens” in financial applications. This implies that MTN will primarily focus on fiat bank deposits rather than traditional cryptocurrency tokens.
Capabilities
Dhamodharan likened the platform to an “app store” for blockchain developers – providing them with tools to leverage – while noting it could potentially support consumer-to-consumer payments as well. Furthermore, he mentioned that MTN could facilitate payments for non-fungible tokens (NFTs) representing a wide range of assets such as real world items rather than popular crypto collectibles. Additionally, he disclosed that MTN would grant access to Mastercard’s private version of Ethereum which differs from the public Ethereum chain.
Previous Announcement
This announcement follows Mastercard’s earlier introduction of their Crypto Credential solution back in April which ensures financial institutions, governments, brands, and crypto organizations adhere to defined standards when dealing with digital currencies.
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