Mastercard, a well-known global payment processor, has submitted a new trademark application encompassing tools related to crypto and blockchain. Patent attorney Mike Kondoudis explained that this move signifies Mastercard’s continued progression into crypto.
The filing, bearing the serial number 98038563, was made with the United States Patent and Trademark Office (USPTO) and reflected Mastercard’s intention to develop downloadable API software. This software aims to verify blockchain transactions, process, and exchange cryptos, and enhance connectivity among Virtual Asset Service Providers (VASPs) to streamline crypto transactions.
Mastercard ventured into the blockchain sector in 2021 by extending support to selected cryptos on its network. However, this recent development indicates a significant intensification of Mastercard’s investment in the crypto world. This is particularly noteworthy given the current regulatory scrutiny and the conservative response of the broader market towards cryptos.
Other partnerships of Mastercard
Mastercard has also formed various partnerships that are worth mentioning. In early March, it was reported that Bybit, a major crypto exchange, launched a debit card utilizing the Mastercard network. Issued by Moorwand, this card enables users to seamlessly transition between cryptos and fiat currencies, facilitating purchases and cash withdrawals from ATMs.
Furthermore, Mastercard expanded its crypto payment card program in late April by partnering with major crypto trading networks such as Binance, Gemini, and Nexo. Through this collaboration, these companies can offer crypto payment cards in multiple countries, highlighting Mastercard’s commitment to supporting crypto transactions.
Over the years, Mastercard has demonstrated its willingness to embrace cryptos through various partnerships. It acquired Ciphertrace, a crypto analytics company, in late 2021. Additionally, Mastercard joined forces with Gemini Exchange and Uphold financial firm to create credit cards that facilitate crypto transactions.
