Payment giant MasterCard has announced the acquisition of a leading cryptocurrency intelligence firm, CipherTrace which has insight into over 900 cryptocurrencies.
The decision to acquire the firm is to broaden the scope of the payment company in the crypto sector as well as give it an in-depth understanding of digital assets.
The payment company announced the acquisition of the crypto intelligence company in a press release earlier today. The rate at which the digital asset industry including NFTs and all other digital assets will require a new regulatory framework to give customers the “peace of mind that they currently experience with more traditional payment methods.”
The rate at which the digital asset industry including NFTs and all other digital assets will require a new regulatory framework to give customers the “peace of mind that they currently experience with more traditional payment methods.”
However, MasterCard and CipherTrace will provide businesses with the required regulatory framework to increase transparency as well as how to manage digital assets. Specifically, CipherTrace’s choice of assets will be built on.
The President, Cyber and intelligence at MasterCard, Ajay Bhalla, noted in the release that with the rate at which the ecosystem of digital assets is growing, there is a need to ensure the safety of customers and that is what Mastercard and CipherTrace is trying to achieve;
“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. With the rapid growth of the digital asset, ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.”
Dave Jevans, CEO, CipherTrace speaking said
“We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,”
He continued further explaining:
“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.”
About CipherTrace
CipherTrace is a cryptocurrency intelligence company that helps customers improve their fraud and security monitoring activities as regards anything crypto-related. They’re a leading company in intelligence that offers their services to banks as well as crypto exchanges.
They’re a leading company in intelligence that offers their services to banks as well as crypto exchanges.
The acquisition will enable MasterCard to provide its customers with making better choices in the digital assets sector. It will also foster the attraction of partnerships with other sectors such as FinTech among others.
MasterCard revealed the terms of the agreement were not disclosed, and that the transaction is expected to close before the year ends and this is subject to certain pending conditions.
