Image: Zephyrnet
The international payment system, Mastercard, has taken a step towards the introduction of cryptocurrency. The multinational finance corporation has acquired startup CipherTrace, which is engaged in blockchain analytics.
Mastercard said Thursday it has agreed to buy blockchain analytics startup CipherTrace for an undisclosed amount. This was a big step towards cryptocurrency adoption. CipherTrace creates tools to help companies and government officials identify illegal cryptocurrency transactions, Be In Crypto reports.
Mastercard says the deal will help solve a key problem with Bitcoin and other cryptocurrencies. The financial corporation says the acquisition of CipherTrace will help customers better protect themselves from potential attacks. In addition, the deal will help Mastercard comply with regulatory requirements as it continues to develop its own digital currency project.
Ajay Bhalla, president of Mastercard's Cybernetics and Intelligence Division, said that “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.” He added that as the world of digital assets continues to grow, there is a swelling need for this space to be safe for customers.
In the press release, CEO of CipherTrace Dave Jevans said: “We help companies—whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe.”
The acquisition of this startup will allow Mastercard to leverage the company's AI and cyber tools to collaborate and hence enable global customers to benefit from digital assets. Mastercard said the business combination is an important part of its strategy to help consumers and merchants choose how they use digital assets.
Mastercard has already invested in cryptocurrency companies lately, including partnerships with BitPay, Gemini, and Uphold. These deals range from creating new cryptocurrency cards to testing central bank digital currencies (CBDCs), and programs to develop and support blockchain technology.
© 2021, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
