Undoubtedly, cryptocurrencies are on the rise, with more and more people investing in them. However, this doesn't mean companies are sitting back and doing nothing. Some of the biggest names in finance are jumping on the blockchain bandwagon. Mastercard is filing a new trademark for its new software for cryptocurrency and blockchain transactions.
The second-largest payment processing firm in the world, Mastercard, has submitted a trademark application for the term "Mastercard Crypto Credential," signaling an increase in interest in incorporating cryptocurrencies.
Despite having halted its push into the cryptocurrency market earlier this year due to concerns raised by numerous crashes of crypto businesses and increased regulatory scrutiny, Mastercard (NYSE: MA) has restarted its efforts in the space. The payment processor has just submitted a trademark application to develop software for blockchain and cryptocurrency transactions and link virtual asset service providers for cryptocurrency transactions.
What is the strategy of Mastercard?
The aforementioned submission is only one of many recent actions made by Mastercard to get back on track with its cryptocurrency strategy after its management, along with Visa's (NYSE: V), chose to pause the initiative due to unfavorable market and regulatory conditions.
Mastercard has been focused on blockchain technology for some time now. The company has been experimenting with the technology for a while and is now ready to launch its product commercially. This new software will help users make transactions using cryptocurrencies and other tokens.
Early in March, Finbold reported on Bybit, one of the most well-known cryptocurrency exchanges in the world, announced the debit card release by Moorwand and supported by the Mastercard network, enabling users to switch between the crypto and fiat worlds with ease and make purchases or withdraw cash from ATMs.
More recently, in late April, Mastercard announced the expansion of its cryptocurrency payment card program. It said it intended to collaborate with additional crypto companies after doing so with numerous significant crypto trading networks, including Gemini, Binance, and Nexo, allowing these firms to provide cryptocurrency payment cards in several nations.
It's also important to note that the global payments facilitator had filed 15 new trademark applications to register Mastercard, the slogan Priceless, and its Circles logo back in April 2022, indicating plans for a non-fungible token backed media, e-commerce, and payment processing, in the metaverse, among other things.
This move by Mastercard comes as no surprise. Earlier this year, the company announced that it would be working on building a digital payments system that uses blockchain technology. This system would allow businesses to conduct transactions without needing a third-party provider.
What does this strategy imply?
This move by Mastercard signifies two things:
- First, the company is serious about cryptocurrencies; and
- Second, it is prepared to embrace this new technology and become one of the key players in this rapidly growing market.
To ensure that financial institutions follow regulations, Mastercard intends to develop software that makes it easier for them to communicate consumer data. The trademark application also clarifies Mastercard's plan to create voluntary standards for confirming transactions made on blockchain networks.
Mastercard's trademark filing indicates that the company is serious about cryptocurrency and blockchain. The software will allow people to make payments and transact using cryptocurrencies and blockchain technology. This could be a massive win for the crypto industry, allowing investors to trade their coins and tokens efficiently.
This is massive news for the cryptocurrency and blockchain community as it shows that Mastercard is fast moving forward in approving digital assets. This would allow people to make payments and transfers without needing a second currency, such as Bitcoin or Ethereum.
Cryptocurrencies and blockchains are still in their early stages, and many questions must be answered before they can become mainstream. However, with the support of big businesses like Mastercard, things are looking good for these new technologies.
Conclusion
This move by Mastercard shows how serious the company is about entering this market. It's demonstrating its commitment to staying ahead of the curve and helping customers use these new technologies safely. This could be a significant advantage for Mastercard as it competes with other companies in this field. This development could have far-reaching implications for the cryptocurrency and blockchain industry.
It shows that major players are starting to take these technologies seriously and are looking to create their platforms. This could lead to greater innovation and growth in these industries. Intellectual property is vast, and developments in this area occur frequently. As a brand owner, one should know its recent updates and peculiarities. Brealant provides its clients with the best professionals who guide them from the ground up in all aspects. Get more insight by booking your consultation; visit the website today!
