Payments Giant Mastercard Launches ‘Blockchain App Store’ in Beta

It has been just revealed that payment giant Mastercard has just launched a new blockchain app store in beta. Here are the details about this below.

Payments giant Mastercard is rolling out a new platform for blockchain-based applications as it expands its presence in the digital asset space.

In a statement to Fortune, Mastercard executive vice president and head of the crypto and blockchain Raj Dhamodharan says the Mastercard Multi-Token Network (MTN) is an “app store powered by blockchain technologies for building regulated financial applications.”

MTN is a platform similar to the Apple app store, however, it offers developers access to Mastercard’s tools, including a private version of the Ethereum blockchain, to create innovative applications.

According to Dhamodharan, the second-largest payments network in the world will launch the beta version of MTN in the UK this summer as a testing ground for use cases and applications with financial institutions, fintech firms, and central banks.

“The first phase of the applications will be powered by tokenized bank deposits. Over time, we plan to make MTN available in additional markets around the world.”

Mastercard has announced its entry into the world of cryptocurrency by introducing MTN. The company has filed a trademark application for a range of crypto and blockchain tools.

Additionally, Mastercard has expanded its Engage partner network to provide greater access to digital assets.

Dhamodharan said the following:

“MTN represents one of Mastercard’s most ambitious projects in the digital asset space to date… Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future.”

The payments processing giant says the fact that the expanded Engage partner network will broaden access to digital assets and blockchain as it facilitates the introduction of new crypto card programs in the market and enable crypto-to-fiat conversion capabilities.

“Mastercard is introducing a new track as part of its global Engage partner network to allow businesses to quickly launch and scale products that power the Web3 economy.”

Engage is a platform created by Mastercard to connect digital asset companies with partners seeking to launch and expand their cryptocurrency payment services.