According to Mastercard, its new solution, which allows central bank digital currencies (CBDCs) to be tokenized or expanded to different blockchains, “provides a new opportunity for consumers to engage in commerce across multiple blockchains with greater security and ease.”
“As the digital economy has matured, Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains,” described a Mastercard executive.
Mastercard’s new CBDC tokenization solution
Payments giant Mastercard announced Thursday that it has “successfully demonstrated the capabilities of a new solution that allows central bank digital currencies to be tokenized (or ‘pooled’) on different blockchains.”
According to the company, this solution “provides a new opportunity for consumers to engage in commerce more safely and easily across multiple blockchains.”
Richard Wormald, Head of Australia at MasterCard, said:
“As the digital economy matures, Mastercard sees a need for consumers to engage in commerce across multiple blockchains, including public blockchains.”
The executive stressed:
Not only does this technology provide greater choice for consumers, it also opens up new opportunities for collaboration between public and private networks to make a real impact in cryptocurrencies.
the MasterCard Credit Card He explained that the solution was developed in collaboration with Cuscal, Australia’s leading payments and data provider, and NFTs-as-a-service provider Mintable.
The solution is part of a research project conducted by the Reserve Bank of Australia (RBA) and Digital Finance CRC (DFCRC) to explore potential Australian use cases for central bank digital currencies (CBDC).
The payments giant explained:
Mastercard demonstrated in a live environment that the solution allows a demo CBDC holder to purchase NFTs listed on the Ethereum public blockchain.
“The operation has secured the required amount of beta CBDCs on the RBA’s beta CBDC platform and minted an equal amount of beta CBDC tokens,” Mastercard added. Packaged on Ethereum.
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