Mastercard’s chief digital officer, Jorn Lambert, believes that their newly launched Multi-Token Network (MTN) has the potential to unlock the true value of blockchain technology and speed up its adoption by the general public.
Mastercard progresses with its development efforts:
Despite the ups and downs of the past year, the global cryptocurrency market is still valued above $1 trillion. However, Mastercard believes that the true potential of blockchain technology has yet to be fully realized.
During an interview with PYMNTS on July 3, Jorn Lambert, Chief Digital Officer of Mastercard, expressed the view that the full potential of blockchain technology may not become widely adopted until there are regulated financial applications built on this technology.
Lambert believes that although some financial institutions have already used blockchain technology for various purposes like cross-border payments and trade financing, Mastercard’s MTN solution will introduce even more possibilities and enable the integration of traditional bank money into the blockchain.
According to Mastercard, scalability is a big challenge for many layer-1 blockchains. However, they state that their MTN solution is specifically designed to overcome this obstacle. It aims to improve scalability, promote interoperability, and enhance security within the digital assets and blockchain ecosystems.
Similar to Visa, Mastercard has also been actively participating in the development of the web3 movement. They have been making their contributions to the advancement of this space, just like their competitor.
According to a report from crypto.news, Mastercard has made changes to its Engage program to allow more crypto-focused projects to join. In March, the company partnered with Stables, an Australian web3 project, to create the world’s first wallet exclusively for stablecoins.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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