MasterCard Purchased Crypto Intelligence Firm CipherTrace

by in Cryptocurrency News

MasterCard Acquires CipherTrace

Major financial services provider MasterCard acquired crypto risk intelligence firm CipherTrace.

Related: Master Card to Support Some Crypto Assets on the Network

The startup creates tools via which companies and government officials can find out illegal crypto transactions. The amount for the purchase hasn’t been unveiled.

By acquiring the company, Mastercard aims to transform its card and real-time payments infrastructure, thus helping its clients to adhere to regulations and present their own virtual asset offerings.

In February, Mastercard started supporting several crypto assets on its network. President of cyber and intelligence at the company, Ajay Bhalla commented on the news, saying digital assets have the power to redefine trading. As the crypto ecosystem is expanding rapidly, there is a need to ensure it's trusted and safe.

The executive finds the assets can make everyday payments as well as large economies more broad and effective.

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CipherTrace was founded in 2015. It was initially backed by the US government’s Department of Homeland Security and Defense Advanced Research Projects Agency.