key takeaways:
- Mastercard recently submitted a trademark application to introduce crypto and blockchain transaction software.
- Mastercard intends to make crypto-based transactions easier by minimising links between virtual asset service providers.
In a striking move that reflects the evolving landscape of finance, global payment giant Mastercard has recently filed a trademark application for a technology that aims to revolutionize the world of cryptocurrencies.
Mastercard has filed a trademark application with the United States Patent and Trademark Office (USPTO) for a technology called “Method and System for Anonymization of Electronic Transactions Via Blockchain.”
This innovative technology is expected to provide users with enhanced security, privacy, and anonymity in their crypto transactions. By leveraging blockchain, a decentralized and tamper-proof ledger, Mastercard aims to address the concerns associated with traditional financial transactions and create a more secure environment for cryptocurrency users.
The application came to light by patent attorney Mike Kondoudis, implying that Mastercard intends to develop software optimised for bitcoin and blockchain transactions.
According to the tweet, Mastercard intends to develop downloadable API software with a specific emphasis on verifying interactions involving blockchain networks during cryptocurrency processing and exchanges. The primary objective of this software is to enable seamless connectivity between virtual asset service providers (VASPs) for the smooth execution of crypto transactions.
Additionally, Mastercard intends to create a platform that allows financial institutions to share customer data for compliance verification purposes. The trademark application, filed under the serial number 98038563, has been submitted to the United States Patent and Trademark Office (USPTO). The application covers three international classes (IC): 009, 036, and 042, which represent different categories of goods and services associated with the filing.
Within its financial services division, Mastercard is actively working on establishing a system that facilitates the exchange of consumer metadata between financial institutions, primarily to ensure compliance with regulatory requirements.
Mastercard’s strong dedication to the blockchain and cryptocurrency sector is evident through its extensive portfolio of blockchain patents and ongoing global applications.
The company has formed strategic partnerships with prominent industry players such as Binance, Polygon, and Paxos, emphasizing its commitment to advancing the field and leveraging collaborative opportunities within the blockchain ecosystem.
