Mastercard, the world’s second-largest payment processing company, has submitted a trademark application for “Mastercard Crypto Credential,” indicating its expanding interest in cryptocurrency integration.
According to the application filed with the US Patent and Trademark Office (USPTO) on June 12, 2023, Mastercard intends to develop software for crypto and blockchain transactions. This software will enable virtual asset service providers (VASPs) and financial institutions to connect and facilitate cryptocurrency transactions.
Additionally, Mastercard plans to create software that facilitates the exchange of consumer data between financial institutions to ensure compliance with regulations.
The trademark application also reveals Mastercard’s intention to establish voluntary standards for verifying interactions conducted on blockchain networks.
The news of Mastercard’s filing was shared on Twitter by trademark attorney Michael Kondoudis.
This is not the first time Mastercard has filed trademark applications related to cryptocurrencies. In April 2022, the company filed 15 trademark applications to explore opportunities in the metaverse and embrace non-fungible tokens (NFTs). In November 2022, Mastercard also submitted a trademark application for security services pertaining to cryptocurrency transactions.
Beyond trademark filings, Mastercard has been actively involved in the Web3 space through various initiatives. In October 2022, it introduced Crypto Source, a program enabling financial institutions to offer secure crypto trading capabilities and services to their customers. More recently, in January 2023, Mastercard launched the “Mastercard Artist Accelerator,” a Web3-based program designed to support virtual world musicians.
