Mastercard, the major player in the payment services industry, is expanding its connection to cryptocurrencies by filing a new trademark application. This comes as authorities and banks are wary of the cryptocurrency sector.
Mastercard has filed a trademark application to introduce and develop cryptocurrency and blockchain software to facilitate cryptocurrency trading and create linkages between virtual asset service providers. This information was shared by trademark attorney Michael Kondoudis on June 19.
Mastercard filed a new trademark application with the United States Patent and Trademark Office (USPTO) on June 12. This application includes three international groups (ICs) relating to distinct identifier categories of products and services, serial number 98038563 and categories including 009, 036 and 042.
The trademark filing is Mastercard’s latest move to expand its operations in the crypto space. Previously, at the end of February 2023, both Mastercard and Visa expressed concerns about the crypto industry and decided to pause the promotion of cryptocurrencies due to unfavorable market and regulatory conditions.
Mastercard is a payment services company known for its cryptocurrency-friendly approach. They have established partnerships with major cryptocurrency exchanges and companies such as Binance, Nexo, Gemini, to provide payment card services linked to cryptocurrencies.
In early March, Mastercard announced a partnership with the Bybit exchange, offering a debit card product issued by Moorward on the Mastercard network. This enables users to easily convert between cryptocurrencies and fiat currency.