- Mastercard has submitted a new trademark application for a range of cryptocurrency and blockchain-based tools, implying a more profound commitment to digital currency space.
- The application entails the development of software to facilitate cryptocurrency and blockchain transactions, aiming to unite virtual asset service providers for streamlined crypto transactions.
Mastercard, the renowned payment processing magnate, has recently submitted a new trademark application for a series of tools based on blockchain technology and cryptocurrency, reinforcing its commitment to the rapidly evolving digital currency landscape.
Patent attorney Mike Kondoudis has spotlighted the application, which indicates Mastercard’s intent to devise software catered towards enabling cryptocurrency and blockchain transactions. An integral part of this ambitious plan is to foster connectivity among virtual asset service providers (VASPs), thus optimizing the process of crypto transactions.
The new trademark application provides an exciting sneak peek into the expansive cryptocurrency intentions of Mastercard. The application specifies the creation of downloadable application programming interface (API) software. This software is targeted at validating interactions using blockchain networks and processing or swapping cryptocurrencies. Moreover, the software seeks to link VASPs, smoothing the path for crypto transactions.
Embedded within the financial services realm, Mastercard’s goal is to cultivate a method to exchange consumer metadata across financial institutions, aiding compliance endeavors.
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This trademark application represents yet another significant step in Mastercard’s expanding engagement in the crypto sector. The firm publicized plans in February 2021 to facilitate selected cryptocurrencies within its network. In the same year, Mastercard collaborated with Wirex, BitPay, and the emerging crypto exchange LVL to develop crypto-centric cards.
In a further testament to its growing crypto involvement, the company disclosed a partnership with Bakkt, a notable player in the cryptocurrency domain, intending to offer crypto credit card rewards and products.
Moreover, Mastercard acquired Ciphertrace, a crypto analytics firm, last year and joined forces with fintech firm Uphold and crypto exchange Gemini to formulate crypto credit cards. At present, Mastercard possesses an array of blockchain patents and has several blockchain applications pending globally, further underscoring its substantial dedication to the blockchain and cryptocurrency sector.
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