MasterCard launches the MTN pilot platform on the blockchain – Bits Media

MasterCard announced the launch of the Multi-Token Network platform (MTN). This is a pilot project to tokenize bank deposits. The platform will be available in the UK already this summer.

According to the head of the cryptocurrency and blockchain mastercard, Raj Dhamodharan (Raj dhamodharan), The company invited many financial institutions and banks to take part in the pilot project. Initially, on the platform, tokenization of bank deposits will be available, And later MTN will begin to support state cryptocurrencies and regulated stablecoins.

“The world economy is driven by regulated fiat currencies, which are stored in banks. Therefore, we begin with the tokenization of bank deposits. A unit of money in a bank account will become a digital asset in the blockchain, ensuring the same level of programmability, that digital currency in a cryptocurrency ecosystem. for instance, The British bank has tokenized deposits and, Let's say, Bank in Singapore. Then these deposits can be exchanged. This will be an international transfer of values. Such international translations traditionally have problems in terms of quick and flexible movement ”, - noted Dhamodharan.

Earlier MasterCard launched a cryptocurrency card in Australia, which allows you to pay for purchases with stablecoins.