Mastercard (NYSE: MA) has agreed to acquire CipherTrace, a cryptocurrency intelligence company. The deal expands Mastercard’s services in cryptocurrency security.
CipherTrace’s technology helps customers enhance their security and fraud monitoring activities for crypto-related programs. The acquisition is part of Mastercard’s strategy in the digital assets space to offer customers, merchants and businesses with more choice in how they move digital value. It follows a number of investments the company has made, including partnerships with Uphold, Gemini and BitPay to create crypto cards
“As digital assets, including cryptocurrencies and non-fungible tokens (NFTs), become more intertwined with everyday activities — from the way people pay and get paid to how they invest — trust and security will be critical enablers to ensure broad adoption and scale,” Mastercard said in a release.
“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,” said Ajay Bhalla, president, cyber and intelligence at Mastercard. “With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe.”