Credit card giant Mastercard is getting more into the cryptocurrency and blockchain space. Its latest offering will be a blockchain-based marketplace for financial applications. Here are the details…
Mastercard announces its new move in the cryptocurrency space
On June 29, it was reported that the payments giant plans to launch a “Multi Token Network (MTN)” in beta in the UK in the next few months. Raj Dhamodharan, vice president and head of crypto and Blockchain at Mastercard, described it as “an app store powered by Blockchain technologies for building regulated financial apps.” Mastercard’s MTN will give developers access to the tools the credit card company is developing this year. According to the report, these include a special version of the Ethereum Blockchain, where the firm will encourage developers to create new applications. Dhamodharan told Fortune:
A lot of things people are discussing and talking about in crypto these days are the regulatory aspects of it and all technology and investment as an asset and the like.
He added that the underlying technology powering crypto is “actually quite useful.” The company confirmed its commitment to crypto in its official announcement, marking the move as a “natural evolution” for a “broader range of payment solutions”. “Our aim is to support the broader crypto-asset industry and interested parties to help strengthen confidence in its future,” Dhamodharan said.
Mastercard has carried out Blockchain projects before
cryptocoin.com As we reported, Mastercard’s previous entries into the crypto-asset sector include NFTs, crypto-linked credit and debit cards, crypto infrastructure and developer tools. The firm also offers products such as ‘Crypto Secure’, ‘Crypto Source’ and ‘Crypto Credential’, which it claims bring “more transparency and trust to this space.” Programs and applications in the new ‘app store’ will be able to be written in Solidity, the Ethereum programming language.
Also, developers using the beta version will be able to experiment with tokenized commercial bank deposits and Blockchain data that indicates how much cash a person has in their bank account. According to the announcement, Mastercard plans to make MTN available in additional markets worldwide over time. Meanwhile, crypto markets started to pull back from Bitcoin’s resistance area above $30,000. As a result, the total market cap fell 1.4 percent to $1.20 trillion today, according to CoinGecko. BTC remains above $30,000 but is trading at $30,100 at the time of writing. Meanwhile, Ethereum prices started to decline again, falling 1.8 percent to $1,831.
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