Mastercard Expands into the Digital Asset Space
Mastercard, a leading provider of credit card services, is venturing into the digital asset space by launching a blockchain-based marketplace for financial applications. This move aims to revolutionize payment solutions beyond traditional boundaries.
- Mastercard plans to launch the beta version of its Mastercard Multi Token Network (MTN) in the UK.
- The MTN will serve as an “app store powered by blockchain technologies for building regulated financial applications.”
- Developers will have access to tools such as a private Ethereum-based blockchain and products like ‘Crypto Secure,’ ‘Crypto Source,’ and ‘Crypto Credential.’
- The MTN will enable experimentation with tokenized bank deposits and real-time insights into bank account balances.
- Mastercard’s vision is to create secure, scalable, and interoperable transactions within the digital asset and blockchain ecosystems.
Mastercard believes that digital asset and blockchain technologies have the potential to become critical infrastructure for storing and moving value, similar to the impact of the internet on the global economy. By launching the MTN, Mastercard aims to promote secure and accessible payment solutions.
Hot Take: Mastercard’s foray into the blockchain app store space demonstrates their commitment to embracing crypto technology in the financial industry. The launch of the MTN is a significant step towards their vision for the future of payments, with plans to expand its availability to more markets worldwide.
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