• Mastercard has launched its Multi-Token Network (MTN) platform to foster interoperability within the blockchain ecosystem.
• The initial applications of MTN are not related to cryptocurrencies and will utilize “tokenized bank deposits” and “regulated payment tokens” instead.
• Its overarching goals of trust and verification indicate its initial focus on semi-traditional financial applications.
Mastercard Unveils Multi-Token Network
Global payments processor Mastercard has launched its Multi-Token Network (MTN) platform, a solution to foster interoperability within the blockchain ecosystem. MTN will provide tools for developers to leverage, with potential applications including consumer-to-consumer payments, tokenizing real-world items, and access to Mastercard’s private version of Ethereum.
The initial applications of MTN are not directly related to cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). The platform’s beta phase, scheduled for launch in the UK this summer, will utilize “tokenized bank deposits” and “regulated payment tokens” in financial applications instead. This suggests a focus on fiat bank deposits as blockchain tokens rather than traditional cryptocurrency tokens.
The network’s capabilities include a public app store for general users, support for consumer-to-consumer payments, enabling transfers on public blockchains, facilitating payments for non-fungible tokens (NFTs), and granting access to Mastercard’s private version of Ethereum.
The platform’s overarching goals are trust and verification; indicating its initial focus is on semi-traditional financial applications rather than popular crypto collectibles.
This announcement follows Mastercard’s earlier introduction of the Mastercard Crypto Credential in April; which ensures that financial institutions, governments, brands, and crypto organizations adhere to defined standards when transferring digital assets between each other.