Payments giant Mastercard to boost its crypto security credentials
by: Dynasty GI2021-09-15
The global payments company Mastercard has announced it is acquiring CipherTrace, a crypto currency intelligence business, to help boost its security and fraud detection systems.
Defending its decision to buy CipherTrace, Mastercard explained in a statement that “as digital assets, including cryptocurrencies and non-fungible tokens (NFTs), become more intertwined with everyday activities (…) trust and security will be critical enablers”.
CipherTrace’s platforms provide security and fraud monitoring for crypto-related activities, claiming to help its customers convert on opportunities across over seven thousand cryptocurrency entities.
"“It is really good to see such a large payments business like Mastercard building on their digital assets strategy and we will always welcome moves by financial entities designed to make the crypto world safer and more transparent for both regular users and investors”, commented Dynasty Global Investments AG’s co-founder and CEO, Eduardo Carvalho."
The move by Mastercard is the latest in a series of recent investments focused on digital assets made by the payments giant. It already has partnerships with Uphold, Gemini and BitPay to provide crypto cards and it is also working on ways to further bring cryptocurrencies and NFTs to its operational ecosystem. Both parties did not disclose how much Mastercard paid for the acquisition and the deal is expected to be completed by the end of the year.