Payments giant Mastercard has taken another step towards cryptocurrency adoption. The company plans to acquire CipherTrace, a cryptocurrency and blockchain analytics company. Its goal is to provide anti-money laundering and fraud protection solutions in the digital asset space.
How CipherTrace can
will help Mastercard provide transparency to customers about payments and investments in the cryptocurrency industry. This will not only allow customers to understand the risks associated with investing in various assets, but will also help Mastercard meet its regulatory obligations.
Ajay Bhalla, president of Cyber Intelligence at Mastercard, says that Ciphertrace will build on the company’s existing capabilities to ensure the security of the ecosystem and protect the booming industry from being exploited by fraudulent actors.
Digital assets have the potential to reimagine commerce, from everyday activities such as paying and getting paid, to transforming economies by making them more inclusive and efficient. With the rapid growth of the digital asset ecosystem comes the need to ensure that it is trustworthy and secure. Our goal is to build on the complementary capabilities of Master card and CipherTrace to do just that.
Using CipherTrace, the payments giant would be able to monitor fraud
on networks of more than 7,000 cryptocurrencies. Dave Jevans, CEO of CipherTrace, said that his company “helps keep the cryptocurrency economy safe” and that he is “thrilled to be joining Mastercard,” which will no doubt help expand his company’s reach. The
growing acceptance of cryptocurrencies among payment giants
acquisition is one part of the company’s ongoing efforts to increase cryptocurrency adoption. The company wants to provide its customers with the largest, most diverse pool of digital payment options possible.
Just last month, Mastercard partnered with Australian cryptocurrency exchange
CoinJar to launch the country’s first cryptocurrency card. The partnership is expected to allow Australians to pay using cryptocurrencies without first converting them to fiat.
In addition, in July the company launched an initiative to support start-ups that aim to address significant issues plaguing the industry’s growth, including data security and <a href=”https://beincrypto.pl/learn/czym-jest-tokenizacja-i-dlaczego-jest-wazna/” target=”_blank” rel=”noopene
r”>tokenization of assets.
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