Bitrabo Editorial
MasterCard, a renowned global payment processor, has recently submitted a trademark application to extend its coverage to cryptocurrency and blockchain tools. This move signifies MasterCard’s continued interest in the cryptocurrency industry.
The trademark application, submitted to the United States Patent & Trademark Office, demonstrates MasterCard’s intention to explore and potentially participate in the thriving cryptocurrency market. It covers a range of services related to cryptocurrencies and blockchain technology.
According to trademark attorney Michael Kondoudis, MasterCard aims to establish connections between virtual asset service providers for seamless crypto transactions. The application was submitted on June 12 to the US Patent and Trademark Office (USPTO).
The application includes three international classes (IC) that categorize the goods and services associated with the filing. These international classes provide distinct identification categories, further clarifying the scope of MasterCard’s intended offerings in the cryptocurrency and blockchain domain.
MasterCard’s Reconnection with the Crypto Industry
As the demand for transparent, efficient, and secure financial solutions continues to rise, established companies like MasterCard are venturing into the emerging cryptocurrency industry. They are embracing the latest technologies, and this new trademark application demonstrates MasterCard’s commitment to providing cutting-edge services to its customers.
This move positions MasterCard as a potential player in sectors like decentralized finance (DeFi), smart contracts, and digital currencies. Alongside its exploration of the digital asset world, MasterCard also aims to introduce Application Programming Interface (API) software that facilitates verification of blockchain interactions during trading activities. However, the trademark application does not provide specific details about the immediate launch of products and services.
#Mastercard is continuing its move into #crypto!
The payment processor has filed a trademark application claiming plans for
Software for crypto + blockchain transactions
Interconnecting virtual asset service providers for crypto transactions #Web3 #DeFi #Cryptocurrency pic.twitter.com/Pz1m5gau10— Mike Kondoudis (@KondoudisLaw) June 19, 2023
The recent trademark filing is part of MasterCard’s ongoing efforts to re-engage with the cryptocurrency sector. Along with Visa, MasterCard had previously paused its crypto initiatives due to challenging market conditions and regulatory uncertainties.
Expanding Collaborations With Several Crypto Platforms
In early March, Bybit, a prominent crypto exchange, announced the launch of a debit card powered by the MasterCard network. The card, issued by Moorwand, allows users to easily transition between the crypto and fiat worlds, enabling purchases and cash withdrawals from ATMs.
MasterCard further expanded its crypto payment card program in late April by partnering with major crypto trading networks like Binance, Gemini, and Nexo. This collaboration enables these companies to offer crypto payment cards in multiple countries, highlighting MasterCard’s commitment to supporting crypto transactions.
Over the years, MasterCard has demonstrated a willingness to embrace cryptocurrencies through various partnerships. Notably, it acquired Ciphertrace, a crypto analytics company, in late 2021. Additionally, MasterCard teamed up with exchange Gemini and financial firm Uphold to create credit cards that facilitate crypto transactions.
In 2022, MasterCard submitted fifteen trademark applications, including its brand name, logo, and slogan. These applications indicate MasterCard’s plans to explore NFT-backed media, payment processing in the metaverse, e-commerce, and emerging areas.
Featured Image From UnSplash, Chart From TradingView.com