Mastercard acquires blockchain intelligence firm Cyphertrace
Mastercard intends to improve the security against fraud to make payment services safer with this acquisition
Another giant multinational financial services corporation is on its way to go further inside the digital assets ecosystem. Mastercard just acquired the blockchain intelligence firm Cyphertrace in order to provide better support systems both in Cyphertrace and Mastercard servers.
The president of Cyber and Intelligence at Mastercard, Ajay Bhalla, recognized the potential that digital assets have to change the reality for commerce and to transform economies, from day-to-day activities such as payments to making an economy more efficient and inclusive with more complex solutions.
Bhalla also stated that the ecosystem must be trustworthy and safe, making the company’s aim to build upon the complementary capabilities of Mastercard and Ciphertrace to do just this.
It is not the first time that the finance multinational has shown interest in crypto’s economy. Mastercard said back in July that the enhancement for crypto trading in platforms and wallets was already in the company’s card program. Another highlight is the initiative for supporting crypto startups.
With this acquisition, Mastercard and Ciphertrace consolidate a common vision to ensure security for users inside the provided ecosystem. This merger will help in fraud monitoring activities, making crypto’s functionalities safer.
Ciphertrace’s acquisition from Mastercard is part of the many investments the company has made in this segment, with firms like Uphold, Bitpay, and Gemini. And those Mastercard’s moves towards digital assets solutions show that financial services corporations are investing big to understand and follow the crypto ascendence in the world.
Visa is also taking larger steps to the implementation of crypto’s payment methods around the world and other payment companies (such as PayPal) have already been investing in this new model, giving incentives for digital asset’s growth and global expansion.