Mastercard Launches Multi-Token Network to Drive Innovation in Digital Assets and Blockchains
In a recent blog post, Mastercard’s Executive Vice President of Blockchain and Digital Asset Products and Digital Partnerships, Raj Dhamodharan, announced the launch of the Multi-Token Network (MTN), an initiative focused on digital assets and blockchains.
MTN aims to provide a comprehensive suite of foundational capabilities to enhance security, scalability, and interoperability within the digital asset and blockchain ecosystems. The ultimate goal is to enable more efficient payment and commerce applications, as stated by Dhamodharan in the post.
The network’s key areas of focus include the development of robust identity management and permissions through solutions like Mastercard Crypto Credential. It also aims to facilitate the use of regulated payment tokens for powering financial applications, promote interoperability among blockchain networks, and ensure consumer protections, stability, and regulatory compliance.
Mastercard plans to roll out the beta version of MTN in the United Kingdom during the summer, initiating pilot applications in collaboration with financial institutions, fintech companies, and central banks. The initial focus will be on applications driven by tokenized bank deposits. Subsequently, Mastercard intends to expand the network to additional markets.
With the launch of MTN, Mastercard aims to further advance innovation in digital assets and blockchain technology, driving the evolution of secure and efficient payment solutions for the future.