Mastercard Takes A Big Step in Crypto: Initiates Trademark Application and Software Development

In recent years, Mastercard has attracted the gaze of many finance news editors for their partnerships with numerous cryptocurrency companies; most important of them all was the issuance of credit cards attached to crypto accounts. Nowadays, the company is expanding more into the cryptocurrency industry.

As per patent attorney Mike Kondoudis, Mastercard has submitted applications for programming explicitly produced for crypto and blockchain on their behalf; if you wonder what their aim with this application, it is certain that they will strive for creating a system that makes it easy for Virtual Asset Service Providers (VASPs) to do business with one another.

Recently, Mastercard has developed an API software that is simple to install on devices in order to make VASPs eligible for interacting with one another without any fault occuring and to guarantee hassle-free cryptocurrency transactions. During crypto transactions, this software will verify communications on blockchain networks by facilitating transfers between VASPs without causing any issue.

This application, which is supposed to be trademark for Mastercard, was submitted to the US Patent and Trademark Office on June 12.

Mastercard’s collaboration with the Gemini exchange and fintech company Uphold, the company that led to the introduction of crypto payment cards in collaboration with Mastercard, resonated very strongly in the cryptocurrency industry. On the other side, Mastercard’s biggest rival, Visa, implemented the same intention of their rivals by issuing cards with similar qualities in collaboration with various businesses in the same industry.

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