Mastercard acquires CipherTrace to strengthen crypto capabilities

The global payments & technology company Mastercard acquires CipherTrace to enhance crypto capabilities.

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.

These new technologies will require new solutions and more powerful intelligence to ensure that the crypto economy is instilled with the same trust and peace of mind that consumers currently experience with more traditional payment methods.

The integrated offering will build on CipherTrace’s suite of digital assets and Mastercard’s cyber security solutions to provide businesses with greater transparency to help identify and understand their risks and to help manage their digital asset regulatory and compliance obligations.

The deal enables Mastercard to combine the technology, AI and cyber capabilities of both companies to differentiate its card and real-time payments infrastructure, allowing customers and stakeholders globally to build upon and benefit from the solutions to protect their consumers and comply with regulations, as they build their own virtual asset offerings.

The president of Cyber & Intelligence at Mastercard, Ajay Bhalla, said:

“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,”

“With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.”

The Cheif Executive Officer of CipherTrace Dave Jevans, said:

“We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,”

“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.”