Mastercard has filed a trademark application for a blockchain and cryptocurrency-related technology suite.
Patent attorney Mike Kondoudis discovered the application, which suggests that Mastercard plans to develop software optimized for bitcoin and blockchain transactions. Additionally, the company aims to facilitate crypto-based transactions by reducing connections between virtual asset service providers.
#Mastercard is continuing its move into #crypto! The payment processor has filed a trademark application claiming plans for ▶️ Software for crypto + blockchain transactions ▶️ Interconnecting virtual asset service providers for crypto transactions #Web3 #DeFi #Cryptocurrency — Mike Kondoudis (@KondoudisLaw) June 19, 2023
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The trademark application is a fascinating window into Mastercard’s plans for the future of digital currency. Details have been revealed about creating a downloadable application programming interface (API) designed to verify transactions inside blockchain networks and ease the handling or trading of cryptocurrency.
By standardising this API software, communication between VASPs may be streamlined and crypto transactions easier. Mastercard wants to set up a platform for financial institutions to exchange customer information to verify compliance.
This new step is significant for Mastercard’s fast-growing presence in the cryptocurrency sector. The corporation announced its intention to offer a limited number of cryptocurrencies on its network in February 2021.
In the same year that crypto cards were first introduced, Mastercard partnered with Wirex, BitPay, and a new cryptocurrency exchange called LVL. It also announced a relationship with Bakkt, a cryptocurrency business, to provide cryptocurrency-centric credit card benefits and other goods.
Mastercard made waves last year when it acquired crypto analytics startup Ciphertrace and collaborated with fintech firm Uphold and crypto exchange Gemini to create cryptocurrency credit cards. The company has shown its continued dedication to the cryptocurrency and blockchain technology industries by amassing patents and applications linked to blockchain worldwide.