MasterCard has continued to expand its presence in the cryptocurrency industry, with the latest information indicating that it has completed the acquisition of CipherTrace.
Here, MasterCard found that it had entered into an agreement to acquire the cryptocurrency tracing company CipherTrace. The financial services giant plans to integrate CipherTrace 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, with the resources to monitor the majority of cryptocurrencies on the market.
The company’s planned integration with MasterCard will help improve the card payment architecture of the latter. Going forward, the New York-based payment solutions company will be better equipped to handle the adoption of crypto assets by its customers.
Speaking on the acquisition, Cyber & Intelligence President at MasterCard, 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 leverage the complementary capabilities of MasterCard and CipherTrace to achieve this ”, did he declare.
CipherTrace’s range of services includes collecting data and publishing annual reports on activity trends in the crypto space. The company has historically provided compliance and anti-money laundering solutions. She has also worked with several cryptocurrency companies to root out digital currency fraud.
“We help businesses – whether banks or cryptocurrency exchange platforms, government regulators or law enforcement – keep the crypto economy secure.”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, that of ensuring security and trust throughout the ecosystem. We are excited to join the MasterCard family to expand the reach of CipherTrace worldwide. “
MasterCard, on the other hand, has been active in the crypto space for the past few 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 has 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 user demand for cryptocurrency tokens in the market. At the time, the value of digital assets in the market was reaching new heights. The company added that it plans to offer support for stablecoins, mainly because they offer reliability and security. She then adopted the USD coin managed by Circle to facilitate transactions between buyers and traders.
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