Mastercard Registers Web 3 and Blockchain Token

Mastercard continues to make inroads into the crypto sectir. The payments giant recently filed a new trademark application in the U.S. for blockchain-based software and Web 3 technologies.

Read more on the subject and what Mastercard intends to do with Web 3 and find the most important business news of the day with our companion app Born2Invest.

Mastercard files Web 3 trademarks for blockchain transactions

Mastercard, like arguably its biggest competitor Visa, is increasingly embracing blockchain and crypto technologies. Patent attorney Mike Kondoudis announced on Twitter that the payments company filed three trademark applications with the United States Patent and Trademark Office (USPTO) for crypto and Web 3.

As per the trademark application, the company aims to develop software for crypto and blockchain transactions. Moreover, the said software technology should be able to link assets from other service providers. In this way, the company aims to process all kinds of transactions – both for individuals and institutions – in compliance with the law.

In addition, the company intends to develop voluntary standards and software for the verification of transactions and data using blockchain technology. Mastercard is thus targeting not only the management of capital flows but also their data processing in particular.

Trademark applications are not a prerequisite for offering products in the USA. Without a registration, however, a company risks another registering a trademark for the same product – and obtaining the associated rights.

Mastercard is betting on crypto

To be sure, the new trademark application is not immediate proof that Mastercard will continue to rely on blockchain and Web 3 in the future. Still, with the trademark application, the company appears to be at least preparing for further adoption of the new technologies. 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 sector for several years now. For example, the company has been a partner of Consensys, one of the main Ethereum developers on the market, since 2021.

In addition, just a few weeks ago, the company announced a Web 3 and NFT pass for musicians. In collaboration with Polygon, Mastercard thus enables artists to benefit from the new technology.

In addition, Mastercard announced its new Mastercard Crypto Credential security initiative at the recent Consensus Crypto conference. With this, the company intends to optimize blockchain-based verification processes and thus increase its security. Mastercard is working with numerous blockchain and wallet companies to do so.

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(Featured image by Hakan Dahlstrom CC BY 2.0 via Flickr)

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