Mastercard Ventures into Cryptocurrency with Trademark Filing

Payment processor company Mastercard has recently filed a trademark application for a range of tools related to cryptocurrencies and blockchain technology, signaling its continued interest in digital currencies. 

The application, brought to the user’s attention by patent attorney Mike Kondoudis, suggests that Mastercard is planning to create software for cryptocurrency and blockchain transactions, aiming to connect virtual asset service providers (VASPs) for more efficient crypto transactions.

The trademark application provides insights into Mastercard’s ambitious plans in the crypto space, detailing the development of downloadable application programming interface (API) software designed to verify interactions using blockchain networks and facilitate the processing and exchange of cryptocurrencies. 

The API software is also intended to establish connections between VASPs to streamline crypto transactions. As part of its financial services offerings, Mastercard intends to develop a mechanism for exchanging consumer metadata between financial institutions to ensure compliance.

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Mastercard shows continuous support for crypto realm

This recent development marks another significant step in Mastercard’s increasing involvement in the cryptocurrency sector. In February 2021, the company announced its intention to support certain cryptocurrencies on its network. Throughout the year, Mastercard entered partnerships with Wirex, BitPay, and emerging crypto exchange LVL to create cryptocurrency cards.

It also collaborated with cryptocurrency firm Bakkt to provide crypto credit card rewards and products. In addition, Mastercard acquired CipherTrace, a crypto analytics firm, and teamed up with fintech company Uphold and crypto exchange Gemini to develop crypto credit cards. 

Mastercard currently holds numerous blockchain patents and has pending blockchain applications worldwide, underscoring its strong commitment to the blockchain and cryptocurrency industries.

By venturing into the development of cryptocurrency tools, Mastercard aims to establish a connection between conventional financial systems and the realm of digital currencies. This endeavor is driven by the company’s desire to offer improved accessibility and convenience to individuals and businesses involved in crypto transactions.