Mastercard files for another Web3 and crypto trademark

Mastercard’s most recent effort in this regard was filing a trademark application for crypto-related security services. The “Mastercard Crypto Secure” application was submitted to the US Patent and Trademark Office on November 22.

This filing follows those trademarks the financial behemoth submitted in April to enter the metaverse and adopt NFTs. Following this, the financial entity began cooperating with NFT markets and Web3 providers to enable users to make NFT purchases using their Mastercard cards.

According to the filing, the company intends to provide non-fungible token-authenticated multimedia files as well as marketplaces for other digital goods. The goal for this collection of apps involves the processing of virtual credit cards, virtual prepaid cards, and virtual debit cards, followed by the provision of financial data in the metaverse and virtual places.

In addition, it just introduced Crypto Source, a new program that enables financial institutions to provide users with secure cryptocurrency trading capabilities and services.

According to sources, the application included services for business risk assessment and financial risk assessment. In addition to information on the cryptocurrency industry, the form also consists of the following:

• Business risk assessment services
• Financial risk assessment services 
• Providing information in the field of cryptocurrency
• Technical consulting in the field of risk management training 
• Educational services, namely, business training regarding risk monitoring in the field of crypto transactions
• Providing software as a service for continuous crypto transaction monitoring and analysis
• Providing software as a service for assessing exposure to fraud, compliance, regulatory and reputational risk related to crypto transactions

MasterCard embraces the crypto industry

Mastercard is the second-largest payments network in the worldwide payments sector, behind Visa. American Express and Discover are also significant payment networks. The financial giant partners with member financial institutions across the globe to issue network payment cards bearing the Mastercard logo.

Now, this respected banking institution has joined the cryptocurrency industry. The banking titan has so much to offer the nascent cryptocurrency market. In addition to facilitating payments,  Mastercard could create performances and events in the metaverse in relation to cryptocurrencies, NFTs, and finance in general.

The banking titan subsequently entered into relationships with web3 platforms and marketplaces. One of them is the relationship with Coinbase that allows Mastercard purchases of NFTs.

The relationship with Coinbase was made public on the company’s Twitter account on January 18. The financial entity stated that it was attempting to make NFTs accessible because it thinks that the technology sector should be inclusive.

Coinbase also announced the cooperation on its Twitter account on the same day. The release claimed that the company was thrilled to join with Mastercard and invited consumers to keep an eye out for innovative methods to purchase NFTs using the financial platform.

Mastercard collaborated with Bitkub in Australia, CoinJar in the United States, and the Amber Group in Thailand to launch cryptocurrency-linked payment cards in November of 2017. The above companies all provide crypto exchange services in their respective locations.

Mastercard, like with other famous traditional financial institutions, has chosen to take advantage of the benefits offered by the DeFi and Web3 ecosystems. This is a clear indication that the cryptocurrency sector is here to stay.