Mastercard’s Multi-Token Network enabled an atomic swap of a tokenized carbon credit for cash in a bank account.
Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have completed the first live test of Mastercard’s Multi-Token Network (MTN). They ran a proof-of-concept pilot that tokenized carbon credits within the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox.
In the project, a client of SCBHK’s virtual bank, Mox Bank, deposited funds into Mox and requested to buy a carbon credit. Mox requested that SCBHK tokenize the carbon credit through tokenization service provider Libeara, launched in Standard Chartered’s venture arm SC Ventures. MTN tokenized the deposit, and an atomic swap — a real-time swap that takes place across different blockchains — of the two tokens was performed.
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