Mastercard plans to launch a “Multi Token Network” (MTN) in beta, offering developers access to powerful tools for creating innovative payment applications.
Raj Dhamodharan, the Executive Vice President and Head of Cryptocurrency and Blockchain at Mastercard, described MTN as an “app store powered by blockchain technologies for building regulated financial applications.”
The developers will build this app store on Ethereum’s blockchain and it will serve regulated financial apps. Developers will be able to leverage the technologies developed by Mastercard through the MTN, which utilizes a private Ethereum blockchain.
This will provide programmers with the opportunity to create cutting-edge applications. In an interview with Fortune magazine, Dhamodharan acknowledged the regulatory aspects surrounding cryptocurrencies but praised blockchain technology for its usefulness.
Mastercard has been actively involved in cryptocurrency, considering it a natural progression for expanding its range of payment solutions. Therefore, the company commits to support the digital asset industry and build confidence in its future.
However, they have made significant strides in the crypto market. This include ventures into non-fungible tokens (NFTs), credit and debit cards linked to cryptocurrencies, crypto infrastructure, and developer tools.
Mastercard’s new app store will allow developers to create programs and applications using Solidity, the programming language of Ethereum.
Mastercard plans to gradually roll out MTN to additional markets worldwide to promote openness and confidence in the digital asset industry. They have also introduced tools like “Crypto Secure,” “Crypto Source,” and “Crypto Credential” to enhance security and facilitate the adoption of cryptocurrencies.
