- Mastercard files a trademark application for crypto and blockchain tools.
- The move indicates Mastercard’s increasing interest in the digital currency space.
- If Mastercard simplifies blockchain payments, it could onboard millions to crypto.
In a world increasingly embracing digital currencies, Mastercard, a global payments giant, has made a significant move. The company recently filed a trademark application for cryptocurrency and blockchain-based tools.
While Mastercard will likely not focus away from its credit card business any time soon, the latest move signals the company’s strategic shift toward the crypto market.
What Does Mastercard’s Latest Trademark Mean for Crypto?
Mastercard’s recent trademark application for crypto and blockchain tools has sparked much speculation about the company’s plans in the digital currency space. However, it’s important to clarify what this move really means.
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On June 12, 2023, Mastercard filed a trademark application in the crypto field. The application suggests Mastercard plans to develop software that simplifies transactions involving cryptocurrencies and blockchain.
Notably, Mastercard’s application references services that “streamline crypto transactions” and “provide seamless connectivity” between Virtual Asset Service Providers (VASPs).
Still, it is essential to note that there is no indication that Mastercard plans to move its credit card business on-chain or use blockchain to power its transactions. This development will likely not affect the company’s non-crypto clients.
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Instead, Mastercard seems to be expanding its offerings to service the crypto industry. In particular, the trademark signals that Mastercard is working on a service that makes crypto payments more user-friendly.
Mastercard’s Trademark Tackles User Experience – Crypto’s Achilles Heel?
While the crypto market continues to grow, the user experience remains a significant roadblock to wider adoption. Many potential users find using crypto payments complex and intimidating, which can lead to costly mistakes.
The complexity of crypto transactions can be a deterrent for many. From understanding how to set up a digital wallet to navigating the intricacies of blockchain transactions, the learning curve can be steep for newcomers. Moreover, the risk of making a mistake, such as sending crypto to the wrong address, can result in irreversible losses.
This is where Mastercard’s trademark application comes into play. Mastercard could corner the crypto payments market by developing software simplifying crypto transactions.
On the Flipside
- While Mastercard’s foray into the crypto world may boost adoption, questions arise about the company’s commitment to decentralization.
- Mastercard is not the only payment giant exploring digital currencies. Its main competitor, Visa, has also shown interest in the crypto market.
Why This Matters
Mastercard’s trademark application signals its move into the crypto space, which has disruptive potential for the market.
Read more about Mastercard’s work in the crypto space:
Mastercard Launches New Tool To Combat Crypto Fraud
Read more about Visa’s plans for crypto:
Visa Is Hiring Software Engineers for ‘Ambitious’ Crypto Product Roadmap
