For several months now, a battle has been raging between Visa and Mastercard to get into the cryptocurrency industry.
Both US payment networks are already helping many businesses offer crypto-currencies to their customers, and are also involved in experiments related to central bank digital currencies (CBDCs).
Today, Mastercard just got the edge on this fierce competition. The company has just acquired CipherTrace, a firm that specializes in analyzing blockchains and their assets.
The firm works with government institutions and some of the world’s largest banks. CipherTrace offers anti-money laundering and digital forensics solutions, as well as being able to de-anonymize the majority of crypto-asset transactions(specifically those passing through blenders).
The deal is expected to close before 2022 and the terms of the agreement, including the amount released by Mastercard, have not been disclosed.
For Ajay Bhalla, president of safety and security at Mastercard, crypto-currencies have the potential to reshape commerce, whether it’s for everyday acts like paying and getting paid or transforming economies in a broader sense, making them more inclusive and efficient:
“With the rapid growth of the digital asset ecosystem comes the need to ensure trust and security. Our goal is to leverage the complementary capabilities of Mastercard and CipherTrace to achieve this,” he added.
In addition to this move by Mastercard to strengthen its presence in the crypto-asset sector, the company has already tested the USDC stablecoin on its network to allow its customers to pay in cryptocurrencies.
On the same topic – ConsenSys raises $65 million from JPMorgan and Mastercard
Get a crypto news recap every Sunday And that’s it.
What you need to know about affiliate links. This page features investment-related assets, products or services. Some of the links in this article are affiliate links. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in crypto-currencies are risky. Cryptoast is not responsible for the quality of the products or services featured on this page and could not be held responsible, directly or indirectly, by any damage or loss caused as a result of using any goods or services highlighted in this article. Crypto-asset related investments are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
About the author: Clement Wardzala
Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I’ve been striving to share qualitative content so that the sector can be democratized to everyone.
All articles by Clement Wardzala.