Blockchain Startups

Mastercard acquires major crypto forensics outfit CipherTrace

The new move by Mastercard suggests that the company’s interest on crypto and digital currency has expanded.

CipherTrace, a blockchain intelligence business with crypto forensics capabilities for over 900 cryptocurrencies has been acquired by the global payments giant, according to an announcement on Thursday.

CIPHERTRACE’s activities will be integrated into MasterCard’s cyber security solutions for digital assets.

CipherTrace will be used by Mastercard to distinguish its card and real-time payments infrastructure, according to the company statement. It will allow Mastercard’s clients and partners to use digital assets while still complying with financial regulatory requirements.

Ajay Bhalla, Mastercard’s chief of cyber and intelligence, said that the rise of the crypto industry required the need for trustworthy and safe operations.

As a matter of fact, Mastercard has been active in the crypto and blockchain investment landscape, forming agreements with companies like as Gemini and BitPay, which specialize in crypto credit and debit card services.

the CEO indicated that mastercard needs a big presence in cryptocurrency back in July. There were rumors that PayPal will become the de-facto testing partner for stablecoin and central bank digital currency initiatives at the time of the announcement.

People plan to use crypto for payments by 2022, according to a poll released in May.

The acquisition of a major player in the crypto forensics arena like CipherTrace might be geared towards greater interaction with central banks and stablecoin issuers on digital currency matters.

Mastercard acquires major crypto forensics outfit CipherTrace
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