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