Mastercard (NYSE: MA) has resumed its efforts in the cryptocurrency space after suspending them earlier this year due to concerns about cryptocurrency company collapses and increasing regulatory pressures.
According to information shared by trademark attorney Michael Condoudis on June 19th, the payment processing company has filed a trademark application to introduce cryptocurrency and decentralized transaction programs, as well as establish connections between virtual asset service providers for cryptocurrency transactions.
The application consists of three international classes indicating different categories of goods and services covered by the application—009, 036, and 042. These applications are one of the latest steps taken by Mastercard to re-enter the cryptocurrency space after its management, along with Visa (NYSE: V), decided to step back from cryptocurrency payments due to market conditions and regulations.
In March of last year, Bybit, one of the world’s leading cryptocurrency exchanges, announced a credit card issued by Moorwand and backed by the Mastercard network, enabling users to seamlessly transition between cryptocurrencies and fiat currencies, and make purchases or withdraw cash from ATMs.
Later in April, Mastercard announced the expansion of its cryptocurrency payment card program, expressing its intention to collaborate with more cryptocurrency companies, including major exchanges like Binance, Gemini, and Nexo, allowing these companies to offer cryptocurrency payment cards in multiple countries.
It is also worth noting that in April 2022, the company filed fifteen new trademark applications for Mastercard, its “Circles” logo, and the “Priceless” logo, indicating plans for NFT-backed media, payment processing, e-commerce in virtual worlds, and more.