Mastercard has applied for a trademark for a blockchain and cryptocurrency technology suite. The application was uncovered by patent attorney Mike Kondoudis, implying that Mastercard intends to develop software optimized for Bitcoin and blockchain transactions. Furthermore, the company intends to make crypto-based transactions easier by minimizing links between virtual asset service providers.
The trademark registration provides an intriguing glimpse into Mastercard’s future plans for digital currency. Details about the development of a downloadable application programming interface (API) designed to validate transactions within blockchain networks and facilitate the management or selling of cryptocurrencies have been released.
By standardizing this API software, VASP communication, and crypto transactions may be expedited. Mastercard wishes to establish a platform for financial institutions to exchange client information in order to ensure compliance. This new development is significant for Mastercard’s rapidly expanding footprint in the cryptocurrency market. In February 2021, the firm revealed its intention to provide a limited number of cryptocurrencies on its network.
Mastercard worked with Wirex, BitPay, and a new cryptocurrency exchange named LVL in the same year that crypto cards were first released. It also announced a partnership with Bakkt, a cryptocurrency company, to offer cryptocurrency-related credit card advantages and other products. Last year, Mastercard made headlines by acquiring crypto analytics startup Ciphertrace and collaborating with fintech firm Uphold and bitcoin exchange Gemini to develop cryptocurrency credit cards. The company has demonstrated its ongoing commitment to the cryptocurrency and blockchain technology industries by gathering patents and blockchain-related applications around the world.