Mastercard has announced that it has acquired CipherTrace, a crypto-asset anti-money laundering and blockchain-based services provider, to accelerate and expand its crypto-assets-related plans.
Ajay Bhalla, Head of Cyber and Intelligence at Mastercard, said:
“Digital assets have the potential to redesign this trade, from everyday actions like making payments to transforming economies to making them more inclusive and efficient. With the rapid growth of the digital asset ecosystem, the need to be trustworthy arises. By doing just that, our goal is to enhance the complementary capabilities of Mastercard and CipherTrace.”
The Goal is to Bring Reliability and Transparency to the Crypto Asset Ecosystem
The CipherTrace platform helps customers prevent fraud by increasing security regarding crypto-assets. They provide solutions for some of the world’s largest banks, exchanges and other financial institutions, thanks to their data analytics and algorithms so that customers do not miss out on crypto asset opportunities.
CipherTrace CEO Dave Jevans said he was excited to join the Mastercard family.
“We help banks, crypto-asset trading platforms, government regulators, law enforcement and companies to keep the crypto-asset economy safe. Mastercard and CipherTrace are partnering with this vision to provide security and transparency across the ecosystem. We are excited to join the Mastercard family to increase CipherTrace’s worldwide reach.”
The agreement combines the technology, artificial intelligence and cyber capabilities of both companies to differentiate Mastercard’s card and payment infrastructure, allowing customers and stakeholders to take advantage of it.
Mastercard is looking to improve its strategy in this area by offering customers, investors and businesses more choice regarding digital assets. Uphold aims to form partnerships with Gemini and BitPay to create crypto cards. The Central Bank is keeping a close eye on developments in this ecosystem, including the creation of new platforms to test and support Digital Currencies, and programs that support wider use of blockchain technology and NFTs.
The purchase price has not been announced yet, stating that the purchase will be completed before the end of the year.
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