Mastercard, the payment processor conglomerate, has recently submitted a trademark application for a set of blockchain and cryptocurrency based tools, indicating their commitment to adopting digital currencies. This application, brought to attention by patent attorney Mike Kondoudis, implies that Mastercard is currently in the process of developing software for blockchain and cryptocurrency transactions and aims to facilitate smooth and efficient crypto transactions by connecting virtual asset service providers.
The details provided in the trademark application give a glimpse into the ambitious crypto strategies of Mastercard. Their design focuses on the development of an application programming interface (API) software that verifies interactions using blockchain networks, processes, and exchanges cryptocurrencies, and connects VASPs to streamline crypto transactions. As part of their financial services, Mastercard strives to enhance consumer metadata exchange between financial institutions to meet compliance requirements.