The US Patent and Trademark Office has approved a patent filed by Mastercard that allows customers to link cryptocurrencies to fiat accounts. Mastercard had applied for a patent back in May, to allow cardholders to store cryptocurrencies equivalent to fiat currency in a bank account as well as fiat currencies. However, readers should note that the company's change in position was rather sudden. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay In December, when the cryptocurrency market was at its highest level, Mastercard was one of the companies that had declared that they would impose transaction fees on their customers for purchasing cryptocurrencies. However, it wasn't the only credit card company to do so. Banks like Goldman Sachs, JP Morgan, and other credit card companies like Visa and Citi have also shown a similar anti-crypto stance. Not only that, in May, when it reported a disappointing performance in its first quarter, Mastercard blamed cryptocurrency wallets for its dismal performance. A high-ranking official said at the time that “This is due to the recent decline in funding of crypto wallets.” Subsequently, they had presented a soft stance, stating that the company was okay with cryptocurrencies as long as it was backed by a regulator. To be fair, one of the main US regulators, the Securities and Exchange Commission, has since said that it does not consider bitcoin to be a security. Can Mastercard Control “Faster Transaction Times” on the Blockchain? Mastercard also intends to attract more customers by “accelerating transactions” and “providing security to the beneficiary”. For a layman, who is moderately interested in cryptocurrencies, it seems quite attractive. However, someone who has been in the cryptocurrency market for a significant period of time may wonder how accurate the “transaction acceleration” claim is. Since the transaction speed depends on the type of cryptocurrencies and the blockchain used, this raises a red flag. Elaborating on his point, a company representative said: “Consumers and merchants who are accustomed to fast transaction times are often forced to wait a significant period of time before a blockchain transaction is conducted, or the beneficiary must rely on the good faith of the payer that his transfer will be valid. "Remember: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Interestingly, this patent is different from the blockchain network the company is currently working on. The company promises to keep several factors in mind while developing the decentralized ledger such as privacy, flexibility, scalability, ease of use and most importantly, it promises to be a trusted partner.