Mastercard has announced that it will acquire cryptocurrency intelligence company CipherTrace for a private amount to expand its capabilities in the area of digital assets.
As cryptocurrencies and non-fungible tokens (NFTs) become more and more intertwined with payment methods, payment methods and investment methods for goods, trust and security will become essential for a wider range of adoption and scale. These new technologies also require robust and intelligent solutions to prevent fraud.
Through the acquisition of CipherTrace, Mastercard will create a new integrated offering that uses CipherTrace’s digital asset suite and its own cybersecurity solution to increase corporate transparency while managing regulatory and compliance obligations on digital assets. increase.
In a press release, Ajay Bhalla, President of Cyber and Intelligence at Mastercard, explained how the company’s new integrated services can help ensure both the reliability and security of digital assets.
“Digital assets have the potential to rethink commerce, from everyday activities like payments and payments to economic transformation. This makes digital assets more comprehensive and efficient. With the rapid growth of the digital asset ecosystem, there is a need to ensure reliability and security. Our goal is to do just that, based on the complementary capabilities of Mastercard and CipherTrace. . “
Keep the crypto economy secure
CipherTrace’s platform helps customers enhance both the security and fraud monitoring capabilities of crypto-related programs, and the company provides solutions to the world’s largest banks, exchanges and other financial institutions.
CipherTrace CEO Dave Jevans explained that both CipherTrace and Mastercard share a common vision when it comes to providing security and trust throughout the crypto economy.
As a result of the acquisition of CipherTrace, Mastercard will combine the technologies, AI and cyber capabilities of both companies to differentiate card and real-time payment infrastructure, enabling businesses and stakeholders to protect their customers and comply with regulations during construction. increase. Providing unique virtual assets.
Upon completion of the acquisition, CipherTrace will continue to drive innovation with a variety of partners, including FinTech, crypto wallet providers and governments. The company also continues to provide established principles for all blockchain programs.
Neither company has disclosed the terms of the agreement, but the transaction is expected to close by the end of this year, awaiting regulatory approval.
Mastercard wants to tackle cryptocurrency and blockchain scams in CipherTrace transactions
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