Payment processor giant Mastercard has reaffirmed its dedication to embracing digital currencies by filing a trademark application for a range of cryptocurrency and blockchain-based tools. The application indicated Mastercard’s plans to develop software for cryptocurrency and blockchain transactions, as well as interconnect virtual asset service providers (VASPs) to streamline crypto transactions. This move underscores Mastercard’s ambitious crypto plans and its commitment to leveraging blockchain technology.
The trademark application reveals Mastercard’s intention to create downloadable application programming interface (API) software that verifies interactions using blockchain networks. The API software aims to facilitate the processing, exchange, and authentication of cryptocurrencies. It also seeks to connect VASPs, enabling seamless and secure crypto transactions. Additionally, Mastercard aims to develop a mechanism for exchanging consumer metadata between financial institutions to enhance compliance measures.
This latest development marks a significant milestone in Mastercard’s expanding involvement in the crypto industry. In February 2021, the company announced its support for select cryptocurrencies on its network. Throughout the year, Mastercard formed partnerships with various players in the crypto space, including Wirex, BitPay, LVL, Bakkt, Uphold, and Gemini, to enable crypto card offerings and explore innovative crypto credit card rewards and products. Furthermore, Mastercard’s acquisition of Ciphertarce, a crypto analytics firm, demonstrates its deepening interest in blockchain and cryptocurrency.
With numerous blockchain patterns and pending applications globally, Mastercard demonstrates a strong commitment to advancing blockchain technology and embracing the potential of cryptocurrencies. The trademark application serves as further evidence of Mastercard’s drive to become a leading player in the evolving landscape of digital payments and blockchain-based financial solutions.