MasterCard Inc, American financial services giant has reportedly acquired Cipher Trace, a crypto intelligence company.
Cipher Trace, headquartered in California is a leading cryptocurrency company that bridges virtual currency and financial services and provides protection against fraud and money laundering.
According to the report, the deal will bring in trust and more transparency to the digital assets. It will help MasterCard users to adopt digital assets while complying with financial regulatory provisions.
MasterCard will use Cypher Trace’s suite of digital assets and risks in its solutions for the cyber security of digital assets. Ajay Bhalla, President, cyber and intelligence wing of MasterCard said,
Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient
Mastercard has also collaborated and has a partnership with several other crypto and blockchain companies such as Uphold, Gemini and bitpay to create crypto cards, the creation of new platforms to test and support Central Bank Digital Currencies, programs to support the broader use of blockchain technology and NFTs, and the potential to support select stablecoins directly on its network.
Mastercards crypto vice president Raj Damodaran also said MasterCard is not here to recommend you start using cryptocurrencies but is here to enable customers merchants and move digital value. Dave Jevans, CEO, CipherTrace said,
We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe.
Our two companies share this vision to provide security and trust throughout the ecosystem. We are thrilled to join the Mastercard family to scale CipherTrace’s reach across the globe.
The acquisition is an extension of MasterCard strategy to provide customers, merchants and businesses with help in digital assets. Terms of the agreement were not disclosed, and the transaction is anticipated to close before the end of the year, pending certain conditions.