Mastercard, the payments giant, recently filed a trademark application for a number of tools related to crypto and blockchain technology.
In this way, the company confirms and strengthens its crypto presence.
Let’s see all the details below.
Summary
Mastercard launches software to facilitate cryptocurrency transactions
As anticipated, according to reports, renowned payments operator Mastercard recently filed a trademark application for a number of tools related to cryptocurrency and blockchain technology.
Patent attorney Mike Kondoudis revealed that Mastercard plans to develop software that simplifies transactions involving cryptocurrencies and blockchain.
Through this initiative, the company aims to create a network that connects different service providers for virtual assets, enabling seamless cryptographic transactions, according to Twitter:
As mentioned in the tweet, Mastercard intends to develop downloadable API software that will focus on verifying interactions via blockchain networks during cryptocurrency processing and exchange.
The goal of this software is to facilitate the connection between virtual asset service providers (VASPs) in order to facilitate crypto transactions.
According to the tweet, Mastercard filed its trademark application related to cryptocurrencies on 12 June 2023 with the United States Patent and Trademark Office (USPTO) under serial number 98038563.
The application covers three international classes (ICs) representing different categories of goods and services related to the filing: 009, 036, and 042.
All of the payment giant’s partnerships
In recent times, Mastercard has made great strides in adopting cryptocurrencies. In fact, the company has demonstrated its commitment by announcing plans to offer specific resources in the field of cryptocurrency and by forging partnerships with various organizations.
One important development was the 2022 acquisition of Ciphertrace, a company specializing in cryptographic analysis.
In addition, Mastercard has partnered with fintech company Uphold and cryptocurrency exchange Gemini to develop credit cards that allow users to transact with cryptocurrencies.
These initiatives reflect Mastercard’s ongoing commitment to staying at the forefront of the evolving cryptocurrency landscape.
In all this, we see that Visa has taken a more cautious approach since the cryptocurrency crash in 2022, while Mastercard has been more proactive and fully engaged in the cryptocurrency sector.
How did Mastercard and Visa react to the crypto winter?
As we know, shortly after the beginning of the year, a number of crypto exchanges and companies filed for bankruptcy or were on the verge of bankruptcy.
In addition, the bearish market was negatively affected by the decline in the availability of a stablecoin, TerraUSD.
This decline had a knock-on effect that continued for much of the year, leading to the fall of several other companies.
Against this backdrop, Visa and Mastercard, which until then had shown a strong interest in the cryptocurrency sector, decided to adopt a more cautious stance, at least initially.
In fact, according to Reuters reports, US payment companies Visa and Mastercard were “delaying plans to forge new partnerships with companies in the cryptocurrency sector.”
Sources also indicated that this decision was made because of the collapse of several large companies during 2022. Indeed, a Visa spokesperson had commented as follows:
“The recent high-profile bankruptcies in the cryptocurrency industry remind us that we still have a long way to go before cryptocurrencies become part of traditional payments and financial services.”
By contrast, Mastercard, emphasizing its more positive approach, had already confirmed at the time that the company would not change its stance on cryptocurrencies, which includes its strategy and focus:
“Our efforts continue to focus on the underlying blockchain technology and how it can be applied to help address current pain points and build more efficient systems.”
