Mastercard, one of the world’s leading payment processors, has once again affirmed its commitment to embracing digital currencies. On June 20, 2023, the company filed a trademark application for a series of cryptocurrency and blockchain-based tools, signaling its intention to develop software for crypto transactions and connect virtual asset service providers (VASPs) for streamlined operations.
The trademark application provides an intriguing glimpse into the ambitious plans of Mastercard in the crypto space. It outlines the development of downloadable application programming interface (API) software designed to verify interactions using blockchain networks and facilitate the processing or exchange of cryptocurrencies. Additionally, the API software aims to connect VASPs to enable seamless crypto transactions. Mastercard also plans to establish a mechanism for exchanging consumer metadata between financial institutions for compliance purposes within its financial services segment.
This recent development marks another significant milestone in Mastercard’s growing involvement in the cryptocurrency sector. In February 2021, the company announced its plans to support select cryptocurrencies on its network, demonstrating its willingness to adapt to the changing landscape of digital assets. Throughout the same year, Mastercard entered partnerships with prominent players in the crypto industry such as Wirex, BitPay, LVL, and Bakkt. These collaborations resulted in the creation of crypto cards and the offering of crypto credit card rewards and products, expanding the accessibility and utility of digital currencies.
Moreover, Mastercard’s commitment to the blockchain and cryptocurrency field is evident in its strategic acquisitions and partnerships. Last year, the company acquired Ciphertrace, a leading crypto analytics firm, to enhance its understanding of blockchain-based transactions and strengthen its compliance capabilities. Additionally, Mastercard teamed up with fintech firm Uphold and crypto exchange Gemini to develop innovative crypto credit cards, further integrating digital assets into the traditional financial system.
Mastercard’s dedication to the crypto sector extends beyond its recent activities. The company holds numerous blockchain patents and has pending blockchain applications worldwide. These intellectual property holdings underscore Mastercard’s long-term vision and commitment to exploring the potential of blockchain technology in various aspects of financial services.
With its latest trademark application, Mastercard has once again demonstrated its proactive approach to embracing digital currencies. By developing cryptocurrency and blockchain-based tools, and connecting VASPs for streamlined crypto transactions, the company aims to foster greater accessibility and efficiency in the rapidly evolving world of digital assets. As Mastercard continues to make significant strides in the crypto space, it reinforces its position as a major player in shaping the future of finance and digital payments.
