The world’s largest payment processor, Mastercard, has filed a new trademark for the crypto tool.
Mastercard has reaffirmed its commitment to adopting digital currencies by filing a trademark application for many types of cryptocurrency and blockchain-based technologies.
The application shows that Mastercard intends to build software for cryptocurrency and blockchain transactions. Mastercard hopes to link virtual asset service providers for simplified crypto transactions, as highlighted by patent attorney Mike Kondoudis.
A fascinating look into Mastercard’s grand crypto desires may be found in the trademark application. Its specifics draw attention to the creation of downloadable application programming interface (API) software intended to validate transactions processed through blockchain networks and exchange coins. The virtual asset service providers (VASPs) will be linked through the API software to enable cryptographic transactions.
Mastercard wants to develop a system for transferring customer information across financial institutions for regulatory compliance as part of the financial services sector.
This recent development marks a significant new step in Mastercard’s expanding participation in the cryptocurrency industry. The firm has plans to support a few particular cryptocurrencies on its network in February 2021. To develop crypto cards, Mastercard collaborated with Wirex, BitPay, and the emerging cryptocurrency exchange LVL in the same year. The firm also disclosed a partnership with crypto firm Bakkt to offer rewards and products for crypto credit cards.
Due to its major investment in the blockchain and cryptocurrency space, Mastercard now has several blockchain patents and several blockchain applications pending in countries all over the world.