The renowned global payment processor, Mastercard has filed a new trademark application that covers cryptocurrency and blockchain tools. According to the patent attorney Mike Kondoudis, the move illustrates Mastercard’s further steps into crypto.
The application was filed with the United States Patent and Trademark Office (USPTO) under the serial number: 98038563. Specifically, the trademark application claims plans for downloadable applications programming interface API software for:
- Verifying transactions using Blockchain networks.
- Processing or exchange of cryptocurrencies and blockchain interaction.
- Connecting virtual asset service providers to other VASP’s financial institutions to facilitate crypto transactions.
- Facilitating the exchange of consumer metadata between financial institutions for compliance purposes.
Further, the trademark document also covers financial services and developing voluntary standards for verification of interactions using Blockchain networks. Additionally, the applications cover non-downloadable software for verifying interactions using Blockchain networks.
Moreso, Mastercard seems to have reignited its pursuit of embracing Blockchain applications amidst market crackdown and tight regulatory scrutiny.
The firm’s involvement in the crypto world counts back to 2021, supporting selected cryptocurrencies on its network. In April 2022, Mastercard submitted about fifteen additional trademark applications, claiming plans to explore non-fungible token (NFT) backed media, payment processing, and e-commerce in the metaverse.
Mastercard had previously acquired Ciphertrace, a crypto analytics firm, and partners with crypto exchanges like Gemini, Bitpay, and Wirex among others to offer crypto-centric payment cards. A further partnership with crypto trading networks, including Binance and Nexo, to offer crypto payment cards.
Mastercard is set to strategically position itself in the evolving world of digital payments, expand its offerings, and interestingly, integrate Blockchain solutions into its network.
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