In the past few years, the cryptocurrency industry has experienced significant growth, attracting the interest of numerous major companies. Mastercard, a prominent player in the payments industry, was among those drawn to this emerging market.
However, following the market crash of 2022, investors became more cautious about embracing cryptocurrencies. Despite this setback, Mastercard has now resumed its active pursuit of advancements in the crypto sector.
Recent reports indicate that the payments giant has submitted a trademark application for a suite of tools related to blockchain technology and cryptocurrencies. According to patent attorney Mike Kondoudis, this corporation intends to develop software that simplifies transactions involving digital currencies and blockchain. By doing so, the company aims to establish a network that connects different providers of virtual asset services, facilitating seamless cryptocurrency transactions.
According to the tweet, Mastercard intends to develop downloadable API software that will have a specific focus on verifying interactions within blockchain networks when processing or exchanging cryptocurrencies. The purpose of this software is to enable the seamless connection between virtual asset service providers (VASPs) for conducting cryptocurrency transactions.
As per the tweet, this corporation filed a trademark application for cryptocurrencies on June 12, 2023. The filing was submitted to the United States Patent and Trademark Office (USPTO) and was assigned the serial number 98038563. The application encompasses three international classes (IC) that correspond to distinct categories of goods and services associated with the filing: 009, 036, and 042.
Mastercard Leaps into Crypto Landscape, Visa Shows Restraint
In recent years, Mastercard has made significant progress in embracing cryptocurrencies, demonstrating its dedication through various initiatives and partnerships. One notable example is its acquisition of Ciphertrace, a crypto analytics company, in 2022. Additionally, Mastercard collaborated with fintech firm Uphold and crypto exchange Gemini to develop credit cards that allow users to transact with digital currencies. These endeavors highlight Mastercard’s ongoing efforts to stay ahead in the evolving crypto landscape.
In contrast, Visa has chosen a more cautious approach following the crypto crash of 2022. While Visa has been reserved in its actions, Mastercard has taken a proactive and committed stance towards the crypto industry. Mastercard’s recent endeavors serve as evidence of its active involvement in this domain.