One of the world’s largest payment systems, MasterCard, continues to expand in the cryptocurrency industry with the acquisition of analytical company CipherTrace.
Using the developments of CipherTrace, the payment company plans to improve its own systems in the field of information security. In addition, CipherTrace solutions will help refine the MasterCard platform to support cryptocurrencies and ensure better regulatory compliance.
“Digital assets can transform commerce, transform the economy, and make them more efficient. The rapid growth of the digital asset ecosystem makes it essential to build a trusted and secure platform. We are going to do this by combining the capabilities of MasterCard and CipherTrace, ”said Ajay Bhalla, President of Cyber Technologies at MasterCard.
The CipherTrace platform allows tracking over 900 cryptocurrencies. The company’s clients get access to tools for tracking transactions on these assets and solutions to ensure the security of cryptocurrency transactions. Equally important are CipherTrace’s analytics services in the cryptocurrency industry. Unfortunately, the amount of the deal has not been disclosed.
In a press release, the payments company notes that the acquisition of CipherTrace is part of MasterCard’s ambitious strategy to create new products and leverage distributed ledger technology. The company previously launched the Start Path accelerator, under which it provided support to seven cryptocurrency firms.