The payment processing giant Mastercard has announced its plans to launch a blockchain-based platform dubbed Multi Token Network (MTN) over the next few months. The firm's head of crypto and blockchain, Raj Dhamodharan, defined the platform as a blockchain-powered app store for building regulated financial apps. MTN will launch as a beta version in the U.K, with plans for further expansions to additional markets over time. - Developers will be able to build applications on the new app store using the Ethereum programming language, Solidity.
- During the beta testing phase, Mastercard will give developers access to tools it has been developing this year.
- These tools include a private version of the Ethereum network on which developers can build new applications.
- Plus, the platform will allow developers to experiment with tokenized commercial bank deposits and blockchain data showing the amount of cash in a bank account.
Over the last few years, Mastercard has launched many initiatives targeting the crypto industry, demonstrating its commitment to the digital asset market. - Most recently, the company filed a trademark application for various tools related to crypto and blockchain technology, hinting at its efforts to develop downloadable software that enables crypto transactions.
- The firm also previously collaborated with many crypto-related firms, including Bitso, Gemini, and Binance, to make crypto mainstream.
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