Mastercard Ventures into Tokenized Bank Deposits with Multi-Token Network Pilot

Vignesh Karunanidhi
Mastercard Ventures into Tokenized Bank Deposits with Multi-Token Network Pilot
Source: Blockchain News

Mastercard has been quite prominently present in the cryptocurrency realm. The card giant had also shown keen interest in the industry. In one of the most recent announcements, Mastercard is beginning to explore tokenized bank deposits with a new multi-token network pilot. The MTN testbed will be available to users in the UK this summer.

Mastercard’s head of crypto invites several banks for MTN venture

Raj Dhamodharan, the head of crypto and blockchain at Mastercard, has confirmed that multiple banks and financial institutions have received invitations to participate in the multi-token network initiative. In the future, the initiative aims to include central bank digital currencies and regulated stablecoins as well.

Similar to the Apple App Store, which offers developers a platform to create applications for devices like the iPhone, Mastercard’s Multi Token Network (MTN) will provide developers with access to various tools that the payments company has been developing over time.

Source: South China Morning Post

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Dhamodharan told Fortune, “A lot of the things people cover and talk about these days in crypto are the regulatory aspects of it and all the technology and investment as an asset and so forth.” “We actually think the underlying technology that powers many of the innovations that have happened over the years is actually quite useful.”

The new blockchain app store will also encompass several tools that developers can utilize to build new applications.