MasterCard has submitted a patent application for a new crypto payments solution
MasterCard, the payment processing giant that competes with Visa, has demonstrated its unwavering interest in cryptocurrency since it first launched. The latest support comes through a patent application for gadgets connected to blockchain technology and cryptocurrencies.
Patent attorney Mike Kondoudis recently notified users that MasterCard may be developing software to improve cryptocurrency transactions on the blockchain. The software would serve to link virtually asset service providers (VASP) to enhance crypto transactions.
MasterCard’s foray into the world of cryptocurrencies is made abundantly clear through its branded application, which offers a glimpse into its grand ambitions in this space. Among their projects currently in development is an API dedicated to scrutinizing interactions in the blockchain network, streamlining the exchange and processing of digital currencies.
MasterCard aims to implement an interoperable system via an API, which would link up VASPs in order to facilitate hassle-free cryptocurrency transactions. In addition, it plans to develop a metadata exchange system between financial institutions to maintain compliance with regulations, as part of their financial services portfolio.
In February 2021, the company revealed its intentions to back cryptocurrencies through its network. Over the course of the year, MasterCard collaborated with BitPay, Wirex, and emerging crypto exchange LVL to shape cryptocurrency cards. The company has now teamed up with Bakkt, a cryptocurrency business, to introduce premium credit card products with crypto rewards.
Its dedication to the blockchain and cryptocurrency realm is evident through its numerous blockchain licenses, pending applications globally, and recent acquisitions of CipherTrace and partnerships with Uphold and Gemini. A crypto credit card is also in the works as a result of these partnerships.
MasterCard aims to connect the realm of digital currency with the financial system through its involvement in cryptocurrency tool development. By doing so, the company endeavors to advance safe cryptocurrency transactions for individuals and businesses.
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