Mastercard Bolsters Crypto Presence Through New Trademark Application

Over the last couple of years, the crypto industry has witnessed substantial growth. The rising popularity and value of the market lured several major firms. Payments giant Mastercard is certainly one of them. However, during the 2022 market crash, investors opted to take a more cautious approach towards embracing the crypto industry. Setting that aside, the company has now returned to actively pursuing advancements in this sector.

According to reports, the payments giant has recently submitted a trademark application for a range of tools related to crypto and blockchain technology. Mike Kondoudis, a patent attorney, has revealed that Mastercard plans to develop software that facilitates transactions involving cryptocurrencies and blockchain. Through this, the company aims to create a network that connects various virtual asset service providers, enabling seamless crypto transactions.

As mentioned in the tweet, Mastercard plans to create downloadable API software. This will specifically focus on verifying interactions using blockchain networks during the processing or exchange of cryptocurrencies. Furthermore, this software is intended to facilitate the connection between virtual asset service providers [VASPs] for conducting crypto transactions.

According to the tweet provided, Mastercard submitted the trademark application related to cryptocurrencies on June 12, 2023. The filing was made with the United States Patent and Trademark Office [USPTO] under the serial number 98038563. The application covers three international classes [IC], which represent different categories of goods and services associated with the filing: 009, 036, and 042.

Mastercard embraces crypto while Visa takes a backseat

In recent years, Mastercard has made significant strides in embracing crypto. The company has demonstrated its commitment by announcing plans to offer specific crypto assets and forging partnerships with various organizations. One notable development was its acquisition of Ciphertrace, a crypto analytics firm, in 2022. Furthermore, Mastercard collaborated with fintech company Uphold and crypto exchange Gemini to develop credit cards that enable users to transact with cryptocurrencies. These initiatives reflect Mastercard’s ongoing efforts to stay at the forefront of the evolving crypto landscape.

While Visa has opted for a cautious approach in the aftermath of the 2022 crypto crash, Mastercard has been more proactive and fully committed to the crypto industry. The recent actions taken by Mastercard serve as a testament to its engagement in this space.