Mastercard is showing a growing interest in cryptocurrencies and digital assets, especially after its recent acquisition.
According to a press release On Thursday, the global payments giant reached an agreement to acquire CipherTrace, a blockchain intelligence firm specializing in the forensic analysis of more than 900 cryptocurrencies.
As part of the acquisition, Mastercard says it plans to integrate CipherTrace’s operations into its cybersecurity solutions for digital assets.
According to the announcement, Mastercard will combine its computing capabilities with CipherTrace technology to differentiate its real-time card and payment architecture. The transaction will enable Mastercard customers and partners to adopt digital assets while maintaining compliance with financial regulatory requirements.
Commenting on the acquisition, Ajay Bhalla, Mastercard’s cyber and intelligence chief, noted that the growth of the cryptocurrency market has highlighted the need for reliable and secure transactions.
In fact, Mastercard has long been active in the cryptocurrency and blockchain investment scene: there are several partnerships with major companies that offer credit and debit cards linked to crypto services, such as Gemini and BitPay.
In July, the company’s CEO said Mastercard needed to establish a significant presence in the crypto industry. Around the same time, the company revealed plans to become a testing partner for stablecoin and CBDC-related projects.
In May, the company released a survey that 40% of people surveyed would mean adopt cryptocurrencies for their payments by 2022.
The acquisition of a major crypto forensics company such as CipherTrace could be justified by a greater willingness to interact with central banks and stablecoin issuers.
As Cointelegraph previously reported, Crypto.com has announced plans to integrate the tool “TravellerCipherTrace to ensure compliance with the Financial Action Task Force’s “Travel Rule”.
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