Mastercard To Build A Blockchain App Store for Regulated Financial Apps

As per the latest development, financial payments giant Mastercard is planning to launch a “Multi Token Network” in beta over the next few months.

Raj Dhamodharan, the executive vice president and head of crypto and blockchain at Mastercard, called it an “app store powered by blockchain technologies for building regulated financial applications”. This will basically be an Ethereum-based blockchain app store for regulated financial apps.

Mastercard’s MTN (Mastercard Technology Network) will provide developers with access to tools that the credit card company has been working on throughout the year. This includes a private version of the Ethereum blockchain, where developers will be encouraged to create innovative applications. Speaking to The Fortune publication, Dhamodharan said:

“A lot of the things people cover and talk about these days in crypto are the regulatory aspects of it and all the technology and investment as an asset and so forth”.

Showering further praises for blockchain, he added that the technology is “actually quite useful.”

MasterCard’s Push Into Crypto

Financial payments giant MasterCard has also been making a strong push into crypto and confirmed its commitment once again calling it a “natural evolution” for a “wider range of payment solutions”.

“Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future,” the company noted. MasterCard has been hard at work while expanding its footprint in the crypto market.

Mastercard has ventured into the digital asset sector with various initiatives, including non-fungible tokens (NFTs), credit and debit cards linked to cryptocurrencies, crypto infrastructure, and developer tools. They also provide products like ‘Crypto Secure,’ ‘Crypto Source,’ and ‘Crypto Credential’ to enhance transparency and trust in this field. The programs and applications on their new ‘app store’ can be written in Solidity, the programming language of Ethereum.

Over time, MasterCard plans to make MTN available to additional markets worldwide.