The cryptocurrency market has expanded significantly during the previous several years. Several large companies were drawn in by the market’s increasing worth and appeal. Mastercard, a leader in payments, is undoubtedly one of them. Investors decided to embrace the crypto business more cautiously after the 2022 market meltdown, though. Leaving that aside, the corporation is once again aggressively looking for ways to advance its industry.
The payments industry giant reportedly just filed a trademark application for a number of tools connected to blockchain and cryptocurrency. A patent lawyer named Mike Kondoudis has disclosed that Mastercard intends to create software that streamlines transactions involving cryptocurrency and blockchain. By doing this, the business hopes to build a network connecting different virtual asset service providers and facilitating easy crypto transactions.
Mastercard wants to develop downloadable API applications, as stated in the tweet. The verification of interactions taking place on blockchain networks during the processing or exchange of cryptocurrency will be the main emphasis of this. Additionally, the purpose of this software is to make it easier for virtual asset service providers (VASPs) to interact with one another in order to carry out cryptocurrency transactions.
The tweet that was given states that Mastercard filed the trademark registration for cryptocurrency on June 12, 2023. Under the serial number 98038563, the application was submitted to the United States Patent and Trademark Office [USPTO]. Three international classes [IC], or various kinds of products and services related to the filing, are covered by the application: 009, 036, and 042.
Visa takes a backseat while Mastercard embraces cryptocurrency
Mastercard has advanced significantly in integrating cryptocurrency in recent years. By announcing plans to provide particular crypto assets and forming alliances with diverse organizations, the corporation has shown its dedication. One noteworthy development was the 2022 acquisition of the crypto analytics company Ciphertrace. Additionally, Mastercard worked with the fintech firm Uphold and the cryptocurrency exchange Gemini to create credit cards that let consumers conduct cryptocurrency transactions. These programmed are a reflection of Mastercard’s continued efforts to lead the rapidly changing cryptocurrency market.
In the wake of the 2022 crypto meltdown, Visa has chosen to be cautious, whilst Mastercard has been more proactive and totally committed to the market. Mastercard’s recent moves are evidence of its involvement in this field.