In a significant development that highlights the growing adoption of digital currencies by mainstream financial institutions, Mastercard, the global payment processing titan, has submitted a trademark application for an array of cryptocurrency and blockchain-centric tools. This move underlines the company’s ongoing commitment to embracing the digital currency space.
Patent attorney Mike Kondoudis unveiled the application, revealing Mastercard’s intention to create innovative software designed to handle transactions executed on blockchain and through cryptocurrency. The proposed tools aim to bridge the gap between various virtual asset service providers (VASPs), streamlining the process of cryptocurrency transactions.
Mastercard’s trademark application provides a tantalizing glimpse into the company’s ambitious journey into the crypto sector. It outlines the development of a downloadable application programming interface (API) software that enables the verification of interactions within blockchain networks, and facilitates the processing and exchange of cryptocurrencies.
Furthermore, the API software is designed to foster connections between VASPs, bolstering the efficiency of crypto transactions. Emphasizing compliance, Mastercard also plans to create an exchange mechanism for consumer metadata between financial institutions.
This exciting development is yet another landmark in Mastercard’s deepening engagement with the cryptocurrency industry. In February 2021, the company announced its plans to integrate select cryptocurrencies into its network. This move was quickly followed by collaborations with Wirex, BitPay, and burgeoning crypto exchange LVL to launch cryptocurrency cards.
Further emphasizing its commitment, Mastercard announced a partnership with Bakkt, a renowned cryptocurrency enterprise, to offer crypto-centric credit card rewards and products. The company broadened its reach into the crypto sector by acquiring Ciphertrace, a leading crypto analytics firm, and forging partnerships with fintech company Uphold and crypto exchange Gemini to develop cryptocurrency credit cards.
Mastercard’s growing patent portfolio is a testament to its increasing dedication to the world of blockchain and cryptocurrency. With a multitude of blockchain patents held globally and many more applications pending, Mastercard is clearly poised to become a dominant force in the blockchain and cryptocurrency landscape.