The major global payment processor, Mastercard, has further cemented its investment in the world of digital assets by filing a trademark application for a host of new tools focused on cryptocurrencies and blockchain technologies. This move signifies a considerable boon for the digital asset industry, demonstrating growing acceptance from the traditional financial world.
Mastercard’s application suggests the development of software for managing cryptocurrency and blockchain transactions, and a plan to link different virtual asset service providers (VASPs), which will streamline cryptocurrency transactions. These features unveil a captivating insight into Mastercard’s strategic plans for blockchain and digital currencies, encouraging more mainstream usage.
The trademark application points to the creation of downloadable application programming interface (API) software designed to verify interactions on blockchain networks and process or exchange digital currencies. This API would also enable various VASPs to connect, facilitating smoother digital currency transactions.
From a broader financial services perspective, Mastercard is working on an exchange mechanism for customer metadata among financial institutions to ensure regulatory compliance.
Mastercard’s ongoing commitment to digital currencies is apparent in their substantial and expanding involvement in the crypto sector. In February 2021, Mastercard declared its intention to support select digital currencies within its network, followed by partnerships with firms like Wirex, BitPay, and LVL to launch crypto-centric cards. A collaboration with Bakkt was also announced, aiming to provide digital currency credit card rewards and other offerings.
In the previous year, Mastercard’s engagement with digital assets intensified with the acquisition of crypto analytics firm Ciphertrace and partnerships with fintech firm Uphold and crypto exchange Gemini to develop crypto credit cards.
Mastercard already holds a myriad of blockchain patents and has numerous pending applications globally. This signifies its earnest commitment to fostering growth and innovation in the blockchain and digital currency landscape.
The company’s active investment and engagement in the digital currency field underline the increasing integration of cryptocurrencies into mainstream financial systems. This not only validates the potential and viability of cryptocurrencies but also enhances their accessibility, adoption, and utility for consumers and businesses alike. This widespread acceptance and integration are pivotal for the overall growth and maturation of the cryptocurrency market.
