A Patent Granted to Mastercard May Lead to Credit Cards That Supports Bitcoin

July 20, 2018

Mastercard obtained a patent for the creation of a method, that could allow the company to issue credit cards with the support of blockchain currencies and fix all the problems, that cryptocurrency transactions bring with themselves.

The patent was published on the website of the U.S. Patent and Trademark Office on July 17. Mastercard claims that cryptocurrency transactions have several advantages, such as anonymity and security, However, the company noted some disadvantages of this payment method: low transaction speed and lack of user protection.

The company ensures, that the implementation of the patented method will significantly sped up cryptocurrency transactions. The development will allow customers to tie their cryptocurrency accounts with fiat ones.

Mastercard's senior vice president for communications Seth Eisen told CNBC in an email:

"We’re consistently looking at ways to bring new thinking and new innovations to market to create value for us and our customers and cardholders. Patent applications are part of that process, taking steps to protect the company’s intellectual property, whether or not the idea ever comes to market."

It is worthy to note, that last month Mastercard was awarded a patent for the development of a system for anonymous blockchain transactions.

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