Mastercard Bought Crypto Company CipherTrace To Boost Security: Report

Mastercard bought crypto company CipherTrace to ensure a trusted and safe digital asset ecosystem and to boost the security of its company so let’s read more in our latest cryptocurrency news today.

In another step towards crypto adoption, Mastercard bought crypto company Ciphertrace as a company aimed to provide anti-money laundering and fraud protection solutions to the digital asset space. The acquisition will help Mastercard provide even bigger transparency to their clients regarding the payments and investments across the crypto industry which not only helps customers understand their risks when investing in different assets but also helps ensure Mastercard’s regulatory obligations.

The president of the Cyber Intelligence at Mastercard Ajay Bhalla said that ciphertrace will build on the existing capabilities of Mastercard to ensure the security of the system and to protect the blooming industry from getting exploited by malicious actors:

“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. 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.”

By using CipherTrace, Mastercard will be able to monitor the fraudulent activity across 7000+ cryptos because of the current company’s blockchain data analysis. Dave Jevans who is a CEO of CipherTrace said that his business helps keep the crypto economy safe and that he is thrilled to join Mastercard that will help scale his company’s reach. The recent acquisition is one piece of the ongoing efforts by Mastercard to increase crypto adoption as it provides the customers with a pool of digital payment options which are diverse now more than ever. Mastercard even partnered with the Australian crypto exchange CoinJr to launch eh first crypto card allowing users to pay for the products using crypto without having to convert them into fiat first.

Furthermore, Mastercard launch a new crypto adoption initiative to bolster the growth of the startups within the space which is aimed at solving pertinent problems that are harming the industry’s growth including data security and asset tokenization.