Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.
Raj Dhamodharan explained that MTN “acts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.”
Fortune reported that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard’s permissioned blockchain, which has the potential to transform payment capabilities.
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN’s capabilities and begin developing on the platform.
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry’s need for enhanced security measures after recent crypto hacks.
Traditional Businesses Join the Fuzz
Several traditional businesses, including Nike, Adidas, Wendy’s, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies.
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy’s and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management.
These companies’ adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.
