Mastercard buys CipherTrace to ensure the safety of its crypto ecosystem
- Payment giant Mastercard just made a new move that will let it secure its crypto ecosystem.
- To boost security, the company acquired CipherTrace for an undisclosed amount.
- Firm’s biggest goal right now is to keep pushing adoption, and the best way to do it is by raising security.
Payment processing giant Mastercard just made another move to ensure that its entrance into the crypto world will be safe and trusted. The company decided to deal with the security of its growing digital asset ecosystem — or rather, to acquire a company that does it professionally, and have it do it, instead.
This led the payment processor to purchase CipherTrace, which is a well-known crypto and blockchain intelligence company. CipherTrace has become known for offering AML and fraud protection solutions to many in the digital asset space. Now, with this new acquisition from Mastercard, the company will also do wonders for the future of crypto adoption.
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Mastercard itself helps to benefit from CipherTrace’s involvement by providing its clients with the much-needed transparency when it comes to payments and investments into crypto. This will allow its customers to better understand the risks that the crypto industry brings, as will also help Mastercard ensure its regulatory compliance.
Mastercard will monitor the crypto sector for fraudulent activities
Mastercard’s president of Cyber Intelligence, Ajay Bhalla, commented on the move, saying that the company has found a decent foundation when it comes to Mastercard’s security and that it plans to build upon it. Bhalla added that the industry and its asset could potentially reimagine commerce completely, which would make everyday payments a lot more efficient and inclusive.
Meanwhile, CipherTrace will allow Mastercard to keep a close eye on fraudulent activity for over 7,000 coins. The firm will also be able to use CipherTrace to determine which coins to support next and expand its offering even further.
CipherTrace’s own CEO, Dave Jevans, said that this is an opportunity for his business to helo keep the crypto economy safe, and both he and his firm are thrilled to join Mastercard.
It is also worth noting that, now that Mastercard has gone crypto, this is yet another influential corporation that is looking to boost crypto adoption. It is already working on offering its clients a vast array of diverse crypto payment options. Not to mention its crypto adoption initiative, which has been ongoing since its launch in July.