Mastercard acquires crypto intelligence firm CipherTrace

CipherTrace analyzes large volumes of verified blockchain transaction attribution to build insights into more than 900 cryptocurrencies. Clients, including some of the world’s largest banks and exchanges, use this intelligence for security and fraud monitoring.

Mastercard said that by combining this with its own cybersecurity technology, it can provide businesses with greater transparency into the crypto space, helping them understand the risks and manage their digital asset regulatory and compliance obligations.

“As the digital asset ecosystem grows rapidly, there is a need to ensure it remains trusted and secure,” said Ajay Bhalla, president of Cyber ​​and Intelligence at Mastercard. “Our goal is to leverage the complementary capabilities of Mastercard and CipherTrace to do just that.”

The acquisition is part of Mastercard’s aggressive strategy in the digital asset space, which has seen it partner with Uphold, Gemini and BitPay to create crypto cards, build platforms to test and support CBDCs, and support initiatives for broader use of blockchain technology and NFTs.