Mastercard Acquires Crypto Forensics Startup CipherTrace, Bets Bigger Into Crypto

Global payment gateway company Mastercard announced on Thursday that they have agreed to acquire CipherTrace, a blockchain intelligence firm for an undisclosed amount.

CipherTrace develops tools which help businesses identify, detect and root out illicit blockchain transactions, bringing more trust and transparency to digital assets.

https://twitter.com/MastercardNews/status/1435966760549715978

"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.”

- Ajay Bhalla, president, Cyber & Intelligence at Mastercard

This comes after Mastercard announced in July that it would enhance its card programme for cryptocurrency wallets and exchanges.

Competitor Visa has also been active in the crypto space with its commitment to building its blockchain team, crypto card support and investment in NFTs.

Mastercard's acquisition of CipherTrace signals a bullish sentiment for cryptocurrency adoption among large corporations, and more news on corporate crypto adoption is expected to be announced in the months to come.

Featured Image Credit: FT

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