- Mastercard has filed a trademark to develop crypto and blockchain software.
- The software would enable seamless connections between VASPs for conducting crypto transactions.
Mastercard, a leading global payment technology company, has made headlines with its recent filing of a trademark application related to the development of crypto and blockchain software. The move suggests Mastercard’s intention to explore and potentially harness the potential of cryptocurrencies and blockchain technology in its suite of financial services.
According to recent reports, Mastercard has submitted a trademark application for a variety of tools associated with crypto and blockchain technology. Patent attorney Mike Kondoudis has shed light on Mastercard’s plans, stating that the company intends to develop software specifically designed to facilitate transactions involving cryptocurrencies and blockchain.
Mastercard’s Trademark is in Progress
Mastercard submitted the trademark application related to cryptocurrencies on June 12, 2023. The filing was made with the United States Patent and Trademark Office (USPTO).
The proposed software aims to create a network that seamlessly connects different virtual asset service providers, (VASPs), enabling efficient and secure crypto transactions. In addition, MasterCard develops API software. The software will have a specific focus on verifying interactions within blockchain networks during the processing or exchange of cryptocurrencies.
With this initiative, Mastercard is positioning itself to play a significant role in the evolving landscape of digital currencies and decentralized ledger technology.
However, developing tools would bridge the gap between traditional financial systems and the crypto realm. In addition, Mastercard seeks to provide enhanced accessibility and convenience for individuals and businesses engaged in cryptocurrency transactions.
Further, recently MasterCard took many steps to evolve it’s involvement into crypto space. Also it seeks partnership with leading crypto exchanges.