Mastercard, a global leader in payment solutions, has announced plans to launch a beta version of its blockchain ‘app store’ called the MultiToken Network (MTN) this summer. In one of its most ambitious crypto-related announcements yet, Mastercard aims to provide developers with an innovative platform to create regulated financial applications.
Like Apple’s App Store, which provides developers with tools to create applications, the MTN will provide developers access to blockchain tools that the company has been developing, including a private version of the Ethereum blockchain. This platform is intended to encourage developers to create new financial applications.
Mastercard’s blockchain app store will enable developers to use a variety of tools to create new “regulated” financial applications. These applications can be written in Solidity, Ethereum’s native programming language, or accessed through any programming language that can connect to an API. They can also integrate with Mastercard’s Crypto Credential to verify users’ identities and other wallet details. One example of an application that could be built on this platform is one that allows two consumers to send money to each other. Mastercard, however, hopes to see the development of more complex applications, such as an application for making payments for non-fungible tokens (NFTs).
The first round of applications on the MTN will be powered by “tokenized bank deposits”, records on the blockchain that state how much cash someone has in their bank account. This concept is gaining traction among central banks and commercial banks like JPMorgan Chase.
MTN will also utilize Mastercard’s Crypto Credential, a transaction verification tool, as part of its commitment to safe transfers of tokens and assets. Crypto Credential was designed to provide aliases to aid in sharing wallet addresses, while using metadata to define wallet attributes. This setup aims to prevent unintended transactions from being carried out, emphasizing the importance of safety in crypto transactions.
Mastercard is planning to launch the MTN as a beta in the United Kingdom, with plans to expand it to more global markets in the future, pending additional partners2. The company is inviting developers to the MTN Innovation Sprint, where selected teams will be granted access to the platform’s capabilities and will start developing on it.
Mastercard’s blockchain app store represents a significant step towards integrating traditional payment systems with blockchain technology and the cryptocurrency world. The company hopes that its new platform will create a new financial network that plays by the rules, paving the way for a more regulated and safer crypto environment.
