Mastercard acquired crypto company CipherTrace to ensure a safe and trustworthy ecosystem for digital assets and improve its business security, so read more on the news.

In a further step towards crypto adoption, Mastercard has acquired crypto company Ciphertrace as a company that aims to provide solutions to combat money laundering and fraud in the digital asset space. The acquisition will help Mastercard give greater transparency to its customers regarding payments and investments in the crypto industry, allow customers to understand their asset investment risks, and help meet Mastercard’s regulatory obligations.

Ajay Bhalla, President of Cyber ​​Intelligence at Mastercard, said that ciphertrace would build on Mastercard’s existing capabilities to ensure the security of its systems and protect the growing industry from exploitation by malicious actors.

“Digital assets have the potential to rethink retail, from everyday activities such as paying and paying to economies in transition that make them more inclusive and efficient. With the digital asset ecosystem increasing, it is essential to ensure that it is trustworthy and secure. Our goal is to build on the additional capabilities of Mastercard and CipherTrace. “

By using CipherTrace, Mastercard will track fraudulent activity in more than 7000 cryptocurrencies thanks to the company’s current blockchain data analysis. Dave Jevans, CEO of CipherTrace, says his business is helping protect the crypto economy and he’s excited that joining Mastercard will help expand his company’s reach. The latest acquisition is part of Mastercard’s ongoing efforts to increase cryptocurrency adoption as it offers customers a pool of digital payment options that is more diverse today than ever. Mastercard has even partnered with Australian crypto exchange CoinJr to launch the first eh crypto card that allows users to pay for products in crypto without having to convert them to fiat first.

In addition, Mastercard is launching a new cryptocurrency adoption initiative to accelerate the growth of startups in the space to address related issues affecting the industry’s development, including data security and asset encryption.
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