Mastercard to Acquire Crypto Intelligence Company CipherTrace by Year-End

Mastercard to Acquire Crypto Intelligence Company CipherTrace by Year-End

Payment processor Mastercard is further venturing deep into the crypto world by acquiring the blockchain and cryptocurrency analytics company CipherTrace, which helps banks, crypto exchanges to government regulators, and law enforcement gain insight into more than 900 cryptocurrencies.

Mastercard announced on Thursday that it had signed an agreement to acquire CipherTrace for an undisclosed sum.

The company says the acquisition is part of its “strategy in the digital assets space to help provide customers, merchants, and businesses with more choice in how they move digital value.”

The terms of the agreement are not disclosed yet, and the transaction is expected to be closed before the end of the year, pending certain conditions.

According to the payment giant, trust and security will ensure broad adoption and scale as digital assets and NFTs continue to become more and more intertwined with everyday activities.

Mastercard will be building an “integrated offering” on CipherTrace’s suite of digital assets.

This deal will see both the companies using their capabilities, technology, AI, and cyber to differentiate Mastercard’s card and real-time payments infrastructure so that others can build upon it their own virtual asset offerings while complying with regulations. Ajay Bhalla, president, Cyber & Intelligence at Mastercard, 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.”

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Author: AnTy

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