MasterCard has continued to expand its presence in the cryptocurrency sector, with the latest information indicating that it has completed the acquisition of CipherTrace.
Yesterday, MasterCard revealed that it has reached an agreement to acquire cryptocurrency tracking company CipherTrace. The financial services giant plans to integrate CipherTrace’s services into its platform to improve the cybersecurity of its digital assets. CipherTrace has earned a reputation as one of the most trusted crypto intelligence companies, having the resources to monitor the majority of cryptocurrencies in the market.
The company’s planned integration with MasterCard will help improve MasterCard’s card payment architecture. Going forward, the New York-based payment solutions company will be better equipped to handle the adoption of crypto assets by its customers.
Speaking about the acquisition, MasterCard’s President of Cyber & Intelligence, Ajay Bhalla, acknowledged the significant role that digital assets could play in reshaping various aspects of commerce.
“With the rapid growth of the digital asset ecosystem, there is a need to ensure that it is reliable and secure. Our goal is to build on the complementary capabilities of MasterCard and CipherTrace to achieve this “, he said.
CipherTrace’s range of services includes collecting data and publishing annual reports on trends in activities in the crypto space. The company has, in the past, provided compliance and anti-money laundering solutions. She has also worked with several cryptocurrency companies to root out digital currency fraud.
“We help companies-be it banks or cryptocurrency exchange platforms, government regulators or law enforcement-keep the crypto economy safe “, said Dave Jevans, CEO of CipherTrace.
Jevans praised the collaboration as a collaboration that would build security and trust across the crypto space.
“Our two companies share the same vision of ensuring security and trust throughout the ecosystem. We are excited to join the MasterCard family to expand CipherTrace’s reach worldwide. »
MasterCard has, on the other hand, been active in the crypto space in recent months, having collaborated with blockchain companies such as Uphold, Gemini and BitPay to provide crypto debit and credit card services to its users. The financial services company participated in the development of a platform to test the digital currencies of central banks. It also offers programs to support the adoption of blockchain and its products.
In February, MasterCard recognized the growing demand from users for cryptocurrency tokens within the market. At the time, the value of digital assets on the market was reaching new heights. The company added that it plans to offer support to stablecoins, mainly because they offer reliability and security. It then adopted the Circle-managed USD coin to facilitate transactions between buyers and merchants.
