Mastercard to continue crypto foray with beta launch of ‘blockchain app store’

The credit card giant is expected to release the beta version of the product this summer

article-image

garmoncheg/Shutterstock modified by Blockworks

share

In its latest blockchain push, Mastercard on Wednesday said the payment processor would roll out a test version of its Multi-Token Network (MTN) this summer.

The product was set to be launched as a beta in the United Kingdom. 

Raj Dhamodharan, Mastercard’s head of crypto and blockchain products, in a Wednesday letter said that MTN will “act as a testbed for developing live pilot applications and use cases with financial institutions, fintechs and central banks.”

The plan is to roll out MTN to more global markets, pending additional partners. The idea hinges upon selling developers on building on Mastercard’s permissioned blockchain, which the company has positioned as capable of transforming its payments capabilities. 

Mastercard has promoted invites to what it’s calling the MTN Innovation Sprint. Teams will be selected to receive access to MTN’s capabilities and begin developing on the platform. 

Developers will be encouraged to create apps on Mastercard’s permissioned blockchain, which is built on Ethereum, Fortune reported

The first round of such apps will be powered by “tokenized bank deposits,” according to Dhamodharan.

Tokenized bank deposits are gaining traction among central banks and commercial banks like JPMorgan Chase.

MTN will also be utilizing the company’s transaction verification tool, Mastercard Crypto Credential, Dhamodharan wrote.

The tool at its debut was designed to provide aliases to aid in sharing wallet addresses, while using metadata to define wallet attributes. The setup is designed to prevent unintended transactions from being carried out.  

Mastercard in the statement emphasized safety and the need to have “safe transfers of tokens and assets.” This comes on the heels of major exploits, including the $200 million Euler hack in March and the $160 million Wintermute hack

Mastercard has partnered with several crypto exchanges — Binance, Bit2Me, Bitso and Bybit — to issue debit or prepaid cards that allow users to make purchases with their digital assets.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Despite ending its points program, Hyperliquid has maintained a dominant market position with 77% of perpetuals DEX volumes, though overall volume has decreased from early 2025. It is the only DEX that has been able to compete with CEX volumes. Hyperliquid's success stems primarily from rapid, relevant token listings and superior UX for users and market makers, particularly its API - which is how market makers interact with the protocol. The controversial oracle price override during the JELLY incident exposed risks in the Hyperliquid Liquidity Pool (HLP), though the team has since implemented risk management adjustments. The HyperEVM is currently underoptimized and lacks necessary precompiles, but represents an important strategic expansion to enable asset issuance and DeFi composability.

article-image

Securitize announced it acquired a crypto-focused fund administration firm

article-image

ETH’s success hinges on the resource of data availability, particularly how much it sells to L2s

article-image

Solayer’s Emerald Card integrates SolanaID so users can build their “onchain reputation.”

article-image

In 2011, bitcoin blew past the one-dollar event horizon and never looked back

article-image

Sponsored

Transferability of WCT brings the onchain economy closer to a more open, permissionless, and community-driven experience

article-image

Taking a look at the biggest stablecoin players and where they stand