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Mastercard says its Multi-Token Network (MTN) will drive mainstream blockchain adoption

mastercard-says-its-multi-token-network-mtn-will-drive-mainstream-blockchain-adoption
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Mastercard says its Multi-Token Network (MTN) will drive mainstream blockchain adoption

Mastercard’s chief digital officer, Jorn Lambert, has stated that the payment giant’s newly launched Multi-Token Network (MTN) has all it takes to unlock the intrinsic value of blockchain technology and accelerate mainstream adoption.

Mastercard continues development

While the market capitalization of the global crypto space still stands above the $1 trillion mark despite the turbulence it has experienced over the past 12 months, Mastercard, a leading payments processor, says the actual value of blockchain technology is yet to be unlocked.

In a July 3 interview with PYMNTS, Jorn Lambert, Mastercard’s chief digital officer, argued that the revolutionary technology’s benefits may not go entirely mainstream “until there exists the ability actually to develop financially-regulated applications” powered by blockchain. 

While many financial institutions have tapped blockchain technology for cross-border payments, trade financing, and more, in recent times, Lambert believes that Mastercard’s MTN solution will usher in unlimited possibilities and bring more “commercial bank money into the blockchain.

With scalability still a significant issue for most layer-1 blockchains, Mastercard claims its MTN solution is designed to shatter that barrier while fostering interoperability and security within the digital assets and blockchain ecosystems.

Just like its direct competitor, Visa, which recently released its crypto product roadmap, Mastercard has been contributing its bit to the advancement of the web3 movement. 

As recently reported by crypto.news, Mastercard has expanded the scope of its Engage program to enable the onboarding of more crypto-focused projects. Earlier in March, the New York-based company joined forces with Stables, an Australian web3 project joined forces to launch the world’s first stablecoin-only wallet.