Mastercard is launching a Multi-Token Network (MTN) testbed, starting with tokenized bank deposits, which will be released in beta mode this summer in the UK.
Mastercard Aims to Move Forward with Tokenized Bank Money
Mastercard is launching a Multi-Token Network (MTN) testbed, starting with tokenized bank deposits, which will be released in beta mode this summer in the UK.
Raj Dhamodharan, head of crypto and blockchain at Mastercard, said to CoinDesk that the numerous banks and financial institutions are being invited to participate. The MTN initiative will move on to embrace central bank digital currencies and regulated stablecoins in due course.
Mastercard aims to move forward with tokenized bank money that integrates with Mastercard Crypto Credentials as one of the first use cases. Mastercard Crypto Credentials is a blockchain analytics program unveiled in April that ensures transactions adhere to things like anti-money laundering (AML) standards.
The MTN Innovation Sprint will be held in London this summer, where chosen teams will have access to MTN's resources to create innovative use cases fueled by tokenized deposits and digital assets. Tokenized bank deposits, according to Dhamodharan, would make it possible for cross-border value transfers to happen quickly and flexibly.
