Mastercard acquires CipherTrace, a leading crypto forensics firm

Mastercard’s focus on crypto and digital currencies appears to have taken on a greater dimension given the company’s recent move. Accord...



Mastercard’s focus on crypto and digital currencies appears to have taken on a greater dimension given the company’s recent move.

According to a Release On Thursday, the global payments giant struck a deal to acquire CipherTrace, a blockchain intelligence firm with crypto-investigative capabilities for more than 900 cryptocurrencies.

As part of the acquisition, Mastercard announced its intention to integrate the operations of CipherTrace into its own cybersecurity solutions for digital assets.

According to the announcement, Mastercard will combine its cyber capabilities with CipherTrace technology to differentiate its real-time cards and payments architecture. For Mastercard, the agreement will allow customers and partners to adopt digital assets while complying with financial regulatory provisions.

Commenting on the acquisition, Mastercard chief cybersecurity and intelligence chief Ajay Bhalla noted that the growth of the crypto market has necessitated the need for reliable and secure operations.

Indeed, Mastercard has been visible in the crypto and blockchain investment scene, including partnerships with notable crypto primitives in the crypto credit and debit card arena, such as Gemini and BitPay.

In July, the CEO of the company said that Mastercard should establish a significant presence in the crypto space. At the time, the payments giant revealed its intention to become the de facto testing partner for the stablecoin and central bank digital currency projects.

In May, the company published a survey indicating that 40% of people intend to adopt crypto for payments in 2022.

Related: CipherTrace Develops Monero Tracing Tool to Facilitate US DHS Investigations

The acquisition of a major player in the crypto forensics field like CipherTrace could be geared towards greater interaction with central banks and stablecoin issuers on digital currency issues.

As previously reported by Cointelegraph, Crypto.com announced plans to integrate CipherTrace’s “Traveler” tool in its compliance toolkit to ensure compliance with the Financial Action Task Force “Travel Rule”.