Mastercard is taking a step further into the crypto sector by filing a trademark application, despite growing concerns from authorities and banks. The payment processor aims to introduce software for cryptocurrency and blockchain transactions, along with establishing connections between virtual asset service providers. This move demonstrates Mastercard’s commitment to embracing the potential of the digital currency realm.
Trademark Application for Crypto and Blockchain Transactions
Trademark attorney Michael Kondoudis revealed that Mastercard recently submitted a trademark application to the United States Patent and Trademark Office (USPTO) on June 12. The application, filed under serial number 98038563, covers three international classes (IC) representing distinct categories of products and services related to cryptocurrency and blockchain. This initiative highlights Mastercard‘s dedication to developing innovative solutions for the evolving digital economy.
Mastercard’s Resurgence in the Crypto Market
While some financial institutions and industry leaders took a pause from the crypto push due to market volatility and regulatory concerns, Mastercard has been actively reengaging with the digital currency space. This recent trademark application is just one of several strategic moves made by the world’s largest payment business.
Mastercard’s Previous Endeavors in the Crypto Sphere
Mastercard has already collaborated with prominent cryptocurrency exchanges like Binance, Nexo, and Gemini in certain regions. These partnerships facilitated the provision of crypto-linked payment cards, allowing users to utilize their crypto holdings on these exchanges to make payments in traditional currencies. Notably, the Binance card empowers users to transact conveniently with their crypto assets.
Mastercard’s Stance on Crypto Transactions
When questioned about potential limitations on crypto exchanges’ transaction volumes through Mastercard’s payments network, Raj Dhamodharan, Mastercard’s head of crypto and blockchain, emphasized their neutrality. He stated, “We’re not here to pick winners. We’re not here to pick which transaction should happen or shouldn’t happen.” Mastercard aims to provide an inclusive environment where various crypto transactions can take place seamlessly.
Bybit’s Debit Card Powered by Mastercard Network
In early March, Bybit announced the launch of a debit card issued by Moorwand, which leverages the Mastercard network. This innovative debit card enables users to swiftly transition between the crypto and fiat worlds, empowering them to make purchases and withdraw cash from ATMs. Bybit’s partnership with Mastercard signifies the increasing integration of digital currencies into everyday financial activities.
Embracing the Future of Cryptocurrency
Mastercard’s recent trademark application and strategic collaborations illustrate its determination to play a pivotal role in the cryptocurrency and blockchain space. By embracing these transformative technologies, Mastercard aims to drive innovation, provide seamless financial services, and empower individuals in an increasingly digital and interconnected world.