MasterCard is stepping into the crypto realm with a new trademark application for blockchain and crypto transaction software. The goal? To streamline crypto transactions and foster seamless connectivity between virtual asset service providers (VASPs). This move, filed under serial number 98038563 with the US Patent & Trademark Office on 12 June 2023, reveals Mastercard’s increasing interest in crypto and blockchain.
Mastercard’s intent to join the digital asset world isn’t a surprise, with decentralized technology gaining global recognition. Renowned companies are navigating this emerging industry as the demand for transparent, efficient, and secure financial solutions maintain upside trends. The payment giant showed dedication to offering its customers top-notch services using the latest technologies.
The trademark application covers multiple services associated with crypto and blockchain technology, such as downloadable API software for verifying blockchain interaction during trading activities, and software for facilitating communication between VASPs for compliance purposes. Mastercard envisions establishing a platform where financial institutions can exchange customer information for the purpose of verifying compliance. One of the challenges of using cryptocurrencies is the complexity and inefficiency of the verification process. This is where VASPs, or virtual asset service providers, come in. VASPs are intermediaries that facilitate crypto transactions and ensure compliance with regulatory standards. By streamlining the VASP system, we can make crypto transactions more seamless and user-friendly, while also enhancing security and transparency.
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By venturing into this space, Mastercard aims to position itself at the forefront of the evolving digital currency landscape, paving the way for innovative solutions and improved efficiency in the realm of financial transactions. The disclosed details shed light on Mastercard’s plans to create a downloadable Application Programming Interface (API) designed to authenticate transactions within blockchain networks and simplify the handling and trading of cryptocurrencies.
Mastercard’s latest endeavor marks a significant milestone in its expanding footprint within the cryptocurrency industry. In February 2021, the corporation made headlines by expressing its intent to support a select range of cryptocurrencies on its network. In the same year that witnessed the introduction of crypto cards, Mastercard forged strategic partnerships with prominent players in the crypto space, such as Wirex, BitPay, LVL, Bakkt, Uphold, and Gemini. Additionally, Mastercard announced the acquisition of Ciphertrace, a crypto analytics startup, in late 2021.
With this bold move, Mastercard is demonstrating its commitment to exploring and leveraging the potential of blockchain technology and cryptocurrencies. Through the standardization of this API software, communication between VASPs can be streamlined, ultimately making crypto transactions more seamless.
