Mastercard continues to push into the crypto space. The payments giant recently filed a new trademark application in the United States for blockchain-based software and Web 3 technologies. What does the company intend to do with it?
Mastercard Registers Web 3 Brands for Blockchain Transactions
Like its probably biggest competitor Visa, Mastercard is increasingly relying on blockchain and crypto technologies. Patent Attorney Mike Kondoudis announced on Twitter that the payments company filed three crypto and web 3 trademark applications with the United States Patent and Trademark Office (USPTO).
As indicated by the trademark application, the company aims to develop software for crypto and blockchain transactions. In addition, the software technology mentioned should be able to link the assets of other service providers with one another. The company would like to process all kinds of transactions – both for private individuals and institutes – in accordance with the law.
In addition, the company intends to develop voluntary standards and software for verifying transactions and data using blockchain technology. Mastercard not only aims at the management of capital flows, but also in particular at their data processing.
Trademark registrations are not a prerequisite for offering products in the USA. Without registration, however, a company risks that another company registers a trademark for the same product – and receives the associated rights.
Mastercard relies on crypto
The new trademark application is not direct evidence that Mastercard will continue to rely on blockchain and Web 3 in the future. Nevertheless, the company seems to be at least preparing for further adoption of the new technologies with the trademark application. However, other activities of the payment service provider show its determination to continue to rely on crypto and co.
Mastercard has been active in the crypto space for a number of years. The company has been a partner of Consensys, one of the most important Ethereum developers on the market, since 2021.
The company also announced a Web 3 and NFT pass for musicians just a few weeks ago. In cooperation with Polygon, Mastercard enables artists to benefit from the new technology.
Additionally, at the recent Consensus Crypto conference, Mastercard announced the new security initiative Mastercard Crypto Credential. The company intends to optimize blockchain-based verification processes and thus increase their security. Mastercard works with numerous blockchain and wallet companies.
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