Payments giant Mastercard is rolling out a new platform for blockchain-based applications as it expands its presence in the digital asset space.
In a statement to Fortune, Mastercard executive vice president and head of crypto and blockchain Raj Dhamodharan says the Mastercard Multi-Token Network (MTN) is an “app store powered by blockchain technologies for building regulated financial applications.”
MTN is similar to the Apple app store, but the platform provides developers access to Mastercard’s tools including a private version of the Ethereum (ETH) blockchain for building new applications.
Dhamodharan says the world’s second-largest payments network will release the beta version of the MTN in the UK this summer as a test bed for applications and use cases with financial institutions, financial technology (fintech) firms and central banks.
“The first phase of the applications will be powered by tokenized bank deposits. Over time, we plan to make MTN available in additional markets around the world.”
Mastercard introduces MTN as it actively ventures into the world of crypto. Earlier this month, the firm filed an application to trademark set of crypto and blockchain tools. The payments titan also recently announced that it is expanding its Engage partner network to broaden access to digital assets.
Says Dhamodharan,
“MTN represents one of Mastercard’s most ambitious projects in the digital asset space to date… Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future.”
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