MasterCard Acquires Cryptocurrency Intelligence Company CipherTrace
MasterCard has acquired blockchain analytics startup, CipherTrace, as they continue to make significant investments towards crypto integration. As part of the acquisition, the card provider says it plans to integrate CipherTrace’s operations into its own cyber security solutions for cryptocurrencies.
CipherTrace provides tools to assist businesses, banks, and government authorities to look for illicit cryptocurrency transactions.
By leveraging cryptocurrency intelligence, anti-money laundering (AML) technology, blockchain analytics and forensics, and compliance solutions, CipherTrace have quite the portfolio useful to many institutions, and attractive enough to be poached by MasterCard.
According to MasterCard’s press release, the payment institution hopes its recent partnership will address one of the main challenges plaguing the crypto industry, which is finding the balance between KYC requirements and anonymity. With this new acquisition , there are hopes that customers will have an easier time protecting themselves from any potential threats.
The agreement will also assist Mastercard in remaining compliant with authorities while it develops its own digital currency program.
Customers Drive MasterCard’s Reason for Adoption
Increasing demand for seamless crypto transactions and its growing popularity among financially-astute customers might be driving MasterCard’s latest crypto interests.
Ajay Bhalla, President of Cyber and Intelligence at Mastercard issued a statement discussing the company’s growing interest in the crypto industry and the importance of crypto to present financial ecosystems. According to Bhalla, digital assets have the ability to reinvent commerce, from daily transactions such as paying and receiving the money to changing economies to make them more inclusive and efficient. Bhalla went on to say that as the crypto world develops, so does the necessity for safer and more secure operations.
CipherTrace, which has a history of dealing with major banks and exchanges and monitors over 7,000 cryptocurrency organisations, will be a huge assistance to Mastercard in this effort.
Similarly, CEO of CipherTrace Dave Jevans explained that the analytics company will help both traditional and modern institutions, including banks and government regulators, to keep the crypto economy safe.
MasterCard Crypto Involvement Grows Stronger
The partnership, according to Mastercard, is an essential milestone in the company's list of goals to offer consumers and merchants more options in interacting with digital assets in the present age.
In recent months, Mastercard has invested in numerous cryptocurrency startups, including partnerships with Bitpay, Alchemy, Gemini, and Uphold. These agreements include everything from the development of new crypto cards to the testing of Central Bank Digital Currency (CBDCs), as well as initiatives to expand and promote blockchain technology.
Only a month ago, the crypto card provider expressed its desire to lead the crypto card niche. With its fast growing partnerships, the company might just be on its way.
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