The Multi Token Network (MTN) launched by Mastercard is a set of foundational capabilities designed to make transactions within digital asset and blockchain ecosystems secure, scalable, and interoperable ā ultimately enabling more efficient payment and commerce applications.
A tailor-made solution for the industry, the MTN Mastercard is beginning to test has four pillars of trust, aiming to meet four key industry needs:
Crypto.com Visa Card: The only crypto card you need
Get up to 5% back on spending paid inĀ crypto. No monthly, annual, or ATM withdrawal fees.
1. Trust in counterparty
Effective identity management and permissions are essential to building trusted networks.
Mastercard Crypto Credential, announced in April 2023, to offer a set of common verification standards and infrastructure, in turn enabling trusted interactions among consumers and businesses using blockchain networks.
Mastercard is already working with several partners on an initial project to enable transfers on public chains, and Mastercardās recent work in the Australian CBDC pilot uses the same technology to secure CBDC transactions on public chain.
2. Trust in digital payment asset
Stable, regulated, and scalable payment tokensare essential to powering payment applications.
Last year, Mastercard tested the use of tokenised commercial bank deposits between several financial institutions, settling through our existing network.
Mastercard also joined a group of market participants to explore a tokenised deposit platform through a concept called the Regulated Liability Network (RLN).
MTN will support and complement these efforts by enabling regulated payment tokens to power financial applications.
Crypto.com Metal Visa Cards
Available Card Tiers: Obsidian, Frosted Rose Gold, Icy White, Royal Indigo, Jade Green, Ruby Steel and Midnight Blue.
5% Cash back
3. Trust in technology
Scalability of blockchain networks and interoperability among them are critical technologies required for safe transfers of tokens and assets.
Mastercardās work with the Reserve Bank of Australia (RBA) in partnership with Cuscal Payments and Mintable on its CBDC pilot, demonstrates how CBDCs issued by the RBA can be used to make seamless purchases of assets from allow-listed entities on the public blockchain.
MTN aims to offer these capabilities across all supported payment tokens and networks in a scalable manner.
Earn crypto rewards on every purchase
Sign Up now to see if you prequalify with no impact to your credit.
4. Trust in consumer protections
MTN will draw on Mastercardās years of experience developing standards and rules for its card network to provide a common framework for a community of users with shared interests.
This includes clear rules of the roadthat prioritise strong consumer protections, stability, and regulatory compliance.
MTN a natural evolution
āMTN represents one of Mastercardās most ambitious projects in the digital asset space to date,ā said Raj Dhamodharan, executive vice president, Blockchain and Digital Assets. āIt is a natural evolution that demonstrates Mastercardās commitment to offering a wider range of payment solutions that are safe, easy to access and always on. Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future.ā
Beginning in the third quarter, the beta version of MTN will be available in the UK and act as a testbed for developing live pilot applications and use cases with financial institutions, fintechs and central banks.
The first phase of the applications will be powered by tokenised bank deposits. Over time, Mastercard plans to make MTN available in additional markets around the world.
A whole investment firm of one.
Investing doesnāt have to be that hard.
Access stocks, ETFs, and more. Oh, and no commission fees. Thatās right. Zero. Nada. Zilch. Your first stock is even on us.
*Conditions apply
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, their innovations and solutions help individuals, financial institutions, governments and businesses realise their greatest potential. With connections across more than 210 countries and territories, they are building a sustainable world that unlocks priceless possibilities for all.
Contact:
Andrea Denadai
____________________________
Every month in 2024 we will be giving away one PlayStation 5 Pro. To qualify join our Facebook group, TikTok and Subscribe to our Sweet TnT Magazine YouTube channel
Apple – iPhone 14 Pro Max 256GB (Unlocked, US version)
US$1,359.99 US$749.99
When you buy something through our retail links, we may earn commission and the retailer may receive certain auditable data for accounting purposes.
You may also like: