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  • Mastercard has filed a trademark application for an array of crypto and blockchain-related tools.
  • The company applied with the United States Patent and Trademark Office (USPTO) under the serial number 98038563.

In recent years, the cryptocurrency industry has experienced significant expansion. The increasing market appeal and value have attracted numerous prominent companies, including Mastercard, a leading payment provider. However, the market downturn in 2022 led investors to adopt a more cautious stance toward embracing cryptocurrencies. Mastercard has resumed pursuing progress and innovation within the crypto industry despite that setback.

According to a tweet, Mastercard, the payments giant, has recently filed a trademark application for an array of crypto and blockchain-related tools. Notably, patent attorney Mike Kondoudis disclosed that Mastercard intends to build software to streamline cryptocurrency and blockchain transactions. By doing so, the company seeks to establish a network that connects different virtual asset service providers, enabling smooth and effortless crypto transactions.

Unveiling Mastercard’s Exploration of the Crypto and Blockchain Sphere

Mastercard’s recent actions indicate a strong inclination to delve into and potentially participate in the flourishing cryptocurrency market. The submission of a trademark application to the US Patent & Trademark Office encompasses various services associated with crypto and blockchain technology.

According to the tweet, Mastercard submitted the cryptocurrency trademark application on June 12, 2023. The company applied with the United States Patent and Trademark Office (USPTO) under the serial number 98038563.

In addition, the application encompasses three international classes (IC) corresponding to distinct categories of goods and services associated with the filing, namely 009, 036, and 042. This confirms the company’s keen interest in exploring digital coins and the underlying technology supporting them.

Given the growing global acceptance of decentralized technologies, Mastercard’s intention to enter the world of digital assets is not surprising. As a result of the rising demand for transparent, effective, and secure financial solutions, which are still showing positive trends, esteemed companies are actively investigating this burgeoning industry.

Mastercard solidifies its position as a potential participant in this sector by demonstrating a commitment to providing its customers with cutting-edge services utilizing the latest technologies. This includes involvement in decentralized finance (DeFi) applications, smart contracts, and digital currencies.

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According to the tweet, Mastercard intends to develop downloadable API software specifically validating interactions within blockchain networks during cryptocurrency processing or exchange. Moreover, the primary purpose of this software is to streamline the connection between virtual asset service providers (VASPs) for seamless execution of crypto transactions.

MasterCard Expands its Reach into the Cryptocurrency Market

Over the past few years, Mastercard has taken notable steps toward embracing the world of cryptocurrencies. The company has displayed dedication by revealing intentions to support specific crypto assets and establishing partnerships with diverse organizations.

One such notable display of dedication was when MasterCard acquired the crypto space by securing Ciphertrace, a company specializing in crypto analytics, towards the end of 2021.

Moreover, MasterCard partnered with both the Gemini exchange and the financial firm Uphold to develop credit cards that facilitate cryptocurrency transactions. This collaboration is a testament to the company’s dedication to embracing the growing industry. These endeavors exemplify Mastercard’s continual endeavors to remain at the forefront of the ever-evolving cryptocurrency landscape.

In contrast to Visa’s cautious stance following the crypto market downturn in 2022, Mastercard has taken a more proactive and steadfast approach, demonstrating its full commitment to the cryptocurrency industry. The recent actions undertaken by Mastercard serve as a strong testament to its active involvement and engagement in this dynamic space.

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