The global financial giant Mastercard has continued its push into the crypto industry after announcing plans to launch a blockchain-based “app store” for regulated financial applications otherwise known as “Multi Token Network” (MTN).
However, the beta version of the platform is expected to be unveiled in the coming months.
Commenting on the innovation, the Executive Vice President and Head of Crypto and Blockchain at Mastercard, Raj Dhamodharan noted that the MTN will be Ethereum blockchain-based.
The platform will allow developers access to a suite of tools that the payment giant has been developing over the years. This includes a private version of the Ethereum blockchain, where developers will be encouraged to create innovative applications. Dhamodharan praised blockchain technology, stating that it is “actually quite useful.”
The platform will provide developers with the ability to create applications in Solidity, Ethereum’s programming language. The applications and programs developed on the MTN will enhance transparency and trust in the crypto space, aligning with Mastercard’s various initiatives in the digital asset sector.
Despite several challenges faced by blockchain technology in changing the global financial system, Mastercard’s commitment to the crypto space and Web 3 are on the rise.
In April, the global payment giant partnered with crypto firms to roll out crypto debit cards; it also joined forces with Binance for Bitcoin reward cards in Brazil. Polygon and Paxos are other crypto-related firms that have partnered with Mastercard for crypto-related projects in the past.
