Mastercard wants to tackle crypto and blockchain fraud with CipherTrace deal Mastercard
Mastercard has announced that it will acquire the cryptocurrency intelligence firm CipherTrace for an undisclosed sum in an effort to extend its capabilities in the field of digital assets.
As cryptocurrencies and non-fungible tokens (NFTs) become increasingly intertwined with the way people pay for goods, get paid and how they invest, trust and security will be essential to broader adoption and scale. These new technologies will also require robust and intelligent solutions to prevent fraud.
Through its acquisition of CipherTrace, Mastercard will create a new integrated offering that uses CipherTrace’s suite of digital assets along with its own cybersecurity solutions to provide businesses with greater transparency while also helping them manage their regulatory and compliance obligations when it comes to digital assets.
President of cyber and intelligence at Mastercard, Ajay Bhalla explained in a press release how the company’s new integrated offering will help ensure that digital assets are both trusted and safe, saying:
“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.”
Keeping the crypto economy safe
CipherTrace’s platform helps customers enhance both their security and fraud monitoring capabilities for crypto-related programs and the company provides solutions for some of the world’s largest banks, exchanges and other financial institutions.
CEO of CipherTrace, Dave Jevans explained that both it and Mastercard share a common vision when it comes to providing security and trust throughout the crypto economy.
As a result of its CipherTrace acquisition, Mastercard will be able to combine the technology, AI and cyber capabilities of both companies to differentiate its card and real-time payments infrastructure to allow businesses and stakeholders to protect their customers and comply with regulations as they build their own virtual asset offerings.
Once the acquisition is complete, CipherTrace will continue to drive innovation with a diverse range of partners such as fintechs, cryptocurrency wallet providers and governments. The company will also continue to deliver on the principles it has established for all of its blockchain programs.
While neither company disclosed the terms of their agreement, the deal is expected to close before the end of this year pending regulatory approval.
Mastercard has announced that it will acquire the cryptocurrency intelligence firm CipherTrace for an undisclosed sum in an effort to extend its capabilities in the field of digital assets. As cryptocurrencies and non-fungible tokens (NFTs) become increasingly intertwined with the way people pay for goods, get paid and how they…
