Mastercard has acquired leading crypto compliance solution Ciphertrace to help bolster its ever-expanding presence in the cryptocurrency industry.
The deal will see both companies work together to build upon their existing product offerings to help businesses better identify and understand the risks involved in the crypto industry and to “deliver even more security, transparency, and trust to digital assets”.
Mastercard will leverage its existing technology and AI solutions to further develop its network infrastructure and to assist consumers better “manage their digital asset regulatory and compliance obligations”. The acquisition is anticipated to be closed by the end of the year.
Dave Jevans, CEO of CipherTrace, spoke of the company’s shared vision for greater security and trust in the industry.
MASTERCARD ACQUIRES CIPHERTRACE TO ENHANCE CRYPTO CAPABILITIES$MA
— Breaking Market & Crypto News (@breakingmkts) September 9, 2021
“We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,” he said.
“Our two companies share this vision to provide security and trust throughout the ecosystem. We are thrilled to join the Mastercard family to scale CipherTrace’s reach across the globe.”
The acquisition contributes to Mastercard’s expansion into the cryptocurrency industry, which has seen the payments provider introduce a spate of crypto-based products to the market.
Mastercard has recently announced partnerships with Alchemy Pay and Coinbase for card payments, the upcoming launch of the consumer education program ‘Start Path’ and USDC stablecoin payments integration.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.