Mastercard has agreed to acquire cryptocurrency intelligence and blockchain analytics firm CipherTrace for an undisclosed fee.
According to City AM, Mastercard aims to encourage the use of digital assets through the new partnership, with the two firms working together to develop new sophisticated monitoring tools to make crypto payments more secure.
The purchase is expected to be concluded before the end of 2021.
Established in 2015, CipherTrace develpps cryptocurrency, anti-money laundering, cryptocurrency forensics and blockchain threat intelligence solutions. The company claims that leading exchanges, investigators, banks, regulators and digital asset firms use CipherTrace to trace transaction flows with regulatory anti-money laundering requirements.
Mastercard president of cyber and intelligence Ajay Bhalla said, “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.
Mastercard recently acquired open banking technology developer Aiia to help its customers develop and launch new digital solutions that meet the needs of everyday life.
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