Mastercard’s Blockchain App Store Initiative Aims at Enhancing Security and Foster Innovation in Financial Transactions
Mastercard has revealed its plans to launch an App Store that utilizes blockchain technology, showcasing its dedication to continuous innovation and remaining at the forefront of technological advancements. The company’s latest venture, the Multi Token Network (MTN), aims to establish an app store that harnesses the potential of blockchain technology and is now entering its beta phase in the United Kingdom.
The announcement was made by Mastercard on June 28, aligning with its existing portfolio of cryptocurrency projects. The core concept behind the Multi-Token Network is to enhance the security, scalability, and interoperability of transactions within the blockchain and digital asset ecosystem.
According to the official announcement by Mastercard, the Multi Token Network is built upon four key pillars: Counterparty Trust, Digital Payment Asset Trust, Technology Trust, and Consumer Protection Trust. The company believes that MTN provides a suitable solution for the industry. Raj Dhamodharan, Executive Vice President and Head of Cryptocurrency and Blockchain at Mastercard, described the Multi Token Network as an application store that utilizes blockchain technologies to develop financial applications compliant with regulatory standards.
Dhamodaran also emphasized that the Multi Token Network would offer developers the opportunity to leverage tools created by Mastercard, including a proprietary iteration of the Ethereum blockchain. Mastercard is currently in the process of developing a beta version of MTN, which is scheduled to launch in the United Kingdom in the third quarter of this year. The initial stage of the process will involve the utilization of tokenized bank deposits.
In a significant move, Mastercard submitted a patent application in the United States on June 21st, aiming to develop blockchain services and an application programming interface (API) for cryptocurrency transaction software. Furthermore, the company has recently announced strategic collaborations with prominent public blockchains, such as Aptos Labs, Ava Labs, Polygon Labs, and Solana. This initiative primarily aims to facilitate seamless transfers between transportation routes in the United States and various corridors in Latin America and the Caribbean region.