Mastercard, the renowned payments giant, has recently made headlines by filing a trademark application for a range of tools related to cryptocurrency and blockchain technology.
This move comes as no surprise, as the company aims to simplify transactions involving cryptocurrencies and enhance its presence in the rapidly evolving crypto landscape.
Mastercard’s trademark application signifies its ambition to develop software that streamlines transactions involving cryptocurrencies and blockchain technology.
Patent attorney Mike Kondoudis revealed the company’s plans, highlighting its focus on creating a network that connects various virtual asset service providers (VASPs) to enable seamless cryptographic transactions.
According to reports, Mastercard intends to develop downloadable API software designed to verify interactions across blockchain networks during cryptocurrency processing and exchange.
This software aims to facilitate connections between VASPs, thereby enhancing the efficiency and security of crypto transactions.
The trademark application related to cryptocurrencies was filed by Mastercard on 12 June 2023 with the United States Patent and Trademark Office (USPTO).
The filing, identified by serial number 98038563, encompasses three international classes (ICs), representing different categories of goods and services associated with the application: 009, 036, and 042.
Mastercard has been actively embracing cryptocurrencies in recent times, demonstrating its commitment to innovation.
The company’s acquisition of Ciphertrace, a cryptographic analysis specialist, in 2022 was a significant step forward.
Furthermore, Mastercard has formed strategic partnerships with fintech company Uphold and cryptocurrency exchange Gemini to develop credit cards that facilitate seamless cryptocurrency transactions.
While the cryptocurrency crash in 2022 caused Visa to adopt a more cautious approach, Mastercard has been proactive and fully engaged in the crypto sector.
Mastercard’s willingness to explore and invest in the cryptocurrency landscape reflects its commitment to stay ahead of the curve and seize opportunities for growth.
