• Mastercard has launched its Multi-Token Network (MTN) platform, a solution to foster interoperability within the blockchain ecosystem.
• MTN will primarily focus on fiat bank deposits as blockchain tokens rather than traditional cryptocurrency tokens.
• MTN could facilitate payments for non-fungible tokens (NFTs) representing a wide range of assets and grant 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. 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.
Focus on Fiat Bank Deposits
MTN will primarily focus on fiat bank deposits as blockchain tokens rather than traditional cryptocurrency tokens.
Facilitate Payments for NFTs
The network can also be used to facilitate payments for non-fungible tokens (NFTs) representing a wide range of assets including crypto collectibles.
Access to Private Version of Ethereum
Moreover, it grants access to Mastercard’s private version of Ethereum, differentiating it from the public Ethereum chain. This ensures that financial institutions, governments, brands, and crypto organizations adhere to defined standards in transactions on the network.
Developer App Store
Raj Dhamodharan described MTN as an “app store” for blockchain developers which provides tools for them to leverage and create secure decentralized applications by leveraging the security offered by the network.