MasterCard Files A Trademark Application For Its Crypto Solutions

(CTN News) – In a recent trademark application, MasterCard, a well-known international payment processor, extended its coverage to include cryptocurrency and blockchain technologies.

The strategic move signifies MasterCard’s continued involvement in the field of cryptocurrencies.

The recent trademark application to the United States Patent & Trademark Office reflects the company’s desire to enter and potentially participate in the thriving cryptocurrency market. Blockchain technology and cryptocurrencies are included in the application.

The payment processor aims to facilitate seamless crypto transactions by establishing connections between virtual asset service providers.

The application was filed with the US Patent and Trademark Office (USPTO) on June 12.

An international class (IC) is used in this application to classify the goods and services associated with the filing. The international classes provide distinct identification categories for the goods and services covered by the trademark application, further clarifying MasterCard’s intended offerings in the cryptocurrency and blockchain space.

Initiates a reconnection with the crypto industry through MasterCard

In response to the increasing demand for transparent, efficient, and secure financial solutions, established companies are entering this emerging market. This new trademark demonstrates the company’s commitment to providing cutting-edge services to its customers.

With this move, MasterCard positions itself as a potential player in sectors such as DeFi, smart contracts, and digital currencies.

The firm also plans to introduce API software (Application Programming Interface) to facilitate the verification of blockchain interactions during trading activities in addition to its foray into the digital asset world.

However, no specific details are provided regarding the immediate launch of products and services in the trademark application.

The trademark application mentioned above is part of MasterCard’s ongoing efforts to re-engage with the cryptocurrency industry. As well as Visa, MasterCard has previously paused its crypto initiatives due to challenging market conditions and a lack of regulatory clarity.

Collaborating with a number of crypto platforms

Early in March, it was reported that Bybit, a prominent cryptocurrency exchange, had launched a MasterCard debit card. Using the card, issued by Moorwand, users can easily switch between crypto and fiat currencies, as well as make purchases and withdraw cash from ATMs.

In late April, MasterCard expanded its crypto payment card program by partnering with major crypto trading networks such as Binance, Gemini, and Nexo.

As a result of this collaboration, both companies are able to offer crypto payment cards in multiple countries, demonstrating the commitment of the payment processing platform to support crypto transactions.

Through various partnerships, MasterCard has demonstrated its willingness to embrace cryptocurrencies over the years.

In late 2021, it acquired Ciphertrace, a company specializing in crypto analytics. Additionally, MasterCard has partnered with the cryptocurrency exchange Gemini and financial firm Uphold to create credit cards that facilitate cryptocurrency transactions.

15 trademark applications were filed by the platform in 2022, including its brand name, logo, and slogan. MasterCard intends to explore NFT-based media as well as payment processing in the metaverse, e-commerce, and emerging areas through the submission of these applications.

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