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News - Mastercard launches multi-token network
The most ambitious digital asset project to date? Mastercard is developing a multi-token network and also working on a blockchain app store.
Payment service Mastercard continues to work on crypto integration, launching a so-called multi-token network (MTN) in the United Kingdom. As per the head of crypto and blockchain at Mastercard, Ray Dhamodharan, explains in a blog post, banks and financial institutions are invited to participate. In the future, the payments giant plans to include CBDCs and regulated stablecoins in the MTN infrastructure.
Digital asset and blockchain technologies will one day become critical infrastructure for storing and moving value. The Mastercard Multi-Token Network will make transactions within this ecosystem secure, scalable and interoperable. https://t.co/Vb1JtnSTjx#digital #blockchain… pic.twitter.com/YlH8rHgQQI
— Mastercard News (@MastercardNews) June 28, 2023
Mastercard plans to make MTN "worldwide". Whether the financial application will also benefit users remains to be seen. The network is the "most ambitious digital asset project to date", the payments giant said.
Mastercard is also working on an app store that uses blockchain technology to build regulated financial apps." The company says that to "secure transfer of tokens and assets" essential. In addition to the technologies now planned, Mastercard is working on Web3 adoption and wants to close the gap between crypto and traditional finance.
