Mastercard Unveils Beta ‘Blockchain App Store’ Amid Crypto Expansion

Mastercard, the renowned global payment giant, is making significant strides in the digital asset arena with the launch of an innovative platform for blockchain-based applications.

According to Raj Dhamodharan, Mastercard’s Executive Vice President and Head of Crypto and Blockchain, the Mastercard Multi-Token Network (MTN) serves as a cutting-edge “app store powered by blockchain technologies” designed specifically for creating regulated financial applications.

Comparable to the widely recognized Apple app store, MTN offers developers exclusive access to Mastercard’s comprehensive toolkit, including a private version of the Ethereum (ETH) blockchain. This empowers developers to build and deploy new applications within a secure environment.

Dhamodharan further elaborates that Mastercard plans to introduce the beta version of MTN in the United Kingdom during the upcoming summer season. This initial rollout will serve as a testing ground for applications and use cases in collaboration with financial institutions, fintech firms, and central banks. In the initial phase, MTN will facilitate applications powered by tokenized bank deposits, with future plans to expand its availability to other markets across the globe.

Mastercard’s foray into the crypto landscape is evident through its recent endeavors. The company filed a trademark application for a range of crypto and blockchain tools, showcasing its active involvement in the field. Additionally, Mastercard announced an expansion of its Engage partner network, aiming to enhance accessibility to digital assets for a broader audience.

In expressing his enthusiasm for MTN, Dhamodharan emphasizes that it stands as one of Mastercard’s most ambitious projects within the digital asset space to date. The primary objective of MTN is to provide extensive support to the digital asset industry and interested stakeholders, thereby reinforcing confidence in its future prospects.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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