Mastercard Files Trademark Application for Crypto and Blockchain Tools

Mastercard, one of the world’s leading payments companies, has been making significant moves in the world of cryptocurrencies and blockchain technology.

In a notable development, the company has filed a trademark application for a range of tools designed to simplify crypto transactions.

This article explores Mastercard’s strategic initiatives, including their plans to create a network connecting virtual asset service providers (VASPs) and their commitment to staying ahead in the evolving cryptocurrency landscape.

• Mastercard’s Trademark Application and Crypto Tools

Reports have confirmed that Mastercard has filed a trademark application to develop tools related to cryptocurrencies and blockchain technology.

Patent attorney Mike Kondoudis has revealed that the company aims to develop software that streamlines crypto transactions and interactions.

This initiative includes the creation of downloadable API software that will focus on verifying blockchain network interactions during cryptocurrency processing and exchange. The ultimate goal is to establish seamless cryptographic transactions by connecting various VASPs.

• The Trademark Filing and International Classes

Mastercard filed its trademark application related to cryptocurrencies on June 12, 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 associated with the filing: 009, 036, and 042. This broad scope reflects Mastercard’s intention to cover a wide range of crypto and blockchain-related offerings.

• Mastercard’s Cryptocurrency Commitment

Mastercard’s recent endeavors highlight the company’s dedication to embracing cryptocurrencies. In addition to the trademark filing, Mastercard has made strategic moves to solidify its position in the crypto space.

Notably, the acquisition of Ciphertrace 2022, a company specializing in cryptographic analysis, showcases Mastercard’s commitment to enhancing its capabilities in the cryptocurrency realm.

Furthermore, the company has formed partnerships with fintech company Upholds and cryptocurrency exchange Gemini to develop credit cards that enable users to transact with cryptocurrencies.

• Mastercard vs. Visa: Contrasting Approaches

While major payment networks are navigating the cryptocurrency landscape, Mastercard’s proactive stance stands out in comparison to Visa’s more cautious approach.

Mastercard’s willingness to actively engage in the sector indicates its confidence in the future of cryptocurrencies, as demonstrated by their acquisitions and partnerships.