FinTech: Eyeing Cryptos, Mastercard Acquires CipherTrace

September 10, 2021 | Digital Assets, FinTech, News

CipherTrace is a cryptocurrency intelligence company funded by the Department of Homeland Security and backed by leading investors.

As Mastercard (NYSE: MA) ventures deeper into the digital assets ecosystem, top of mind are security and fraud detection. It announced Thursday its acquisition of CipherTrace, which obtains cryptocurrency intelligence from its analysis of huge amounts of validated blockchain transaction attribution, for an undisclosed amount. (BusinessWire)

Trust and safety

Mastercard announced in February its intention to support selected cryptocurrencies on its network this year.

“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,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “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.”

Mastercard will now have access to CipherTrace’s data analytics and algorithms through its platform, allowing customers to enhance their security and fraud monitoring activities for crypto-related programs.

“We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement – to keep the crypto economy safe,” said Dave Jevans, CEO, CipherTrace.

Mastercard’s ongoing digital initiatives

Previously, Mastercard has entered partnerships with Uphold, Gemini and BitPay to create crypto cards, and invested in a new platform to test and support Central Bank Digital Currencies (CBDCs).

It has also launched programs to address blockchain technology, NFTs, and network support for select stablecoins.

Related Story: Mastercard And Verizon To Collaborate On 5G Contactless Payments

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