Mastercard Acquires CipherTrace

Mastercard continues its expansion into the world of cryptocurrency through its acquisition of blockchain intelligence firm CipherTrace.

CipherTrace, which was established in 2015 and is funded by the US Department of Homeland Security, provides compliance, security, and fraud solutions for cryptocurrency providers.

“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,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “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.”

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This latest acquisition is part of the credit card provider’s plan to stay ahead in the digital assets space by providing customers with more choice on how they move value digitally. Mastercard has recently invested heavily into helping businesses and merchants accept cryptocurrencies through partnerships such as Uphold, Gemini & BitPay.