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Mastercard acquires blockchain analytics start-up CipherTrace



Mastercard acquires blockchain analytics start-up CipherTrace

Payment giant Mastercard announces on Thursday that it has acquired blockchain analytics firm, CipherTrace. However, the amount of the agreement is not disclosed by Mastercard.

CipherTrace is basically a blockchain analytics firm that develops tools to help businesses and law enforcement root out illicit digital currency transactions.

Ajay Bhalla, president of cyber and intelligence at Mastercard, said in a statement, “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.”

As per the official announcement by Mastercard, this deal will “help its customers protect themselves and comply with regulations as they start to build out their own digital currency offerings.”

“We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,” said Dave Jevans, CEO, CipherTrace.

With this acquisition, it seems that big companies are betting hard on crypto or digital assets.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.