Mastercard has delved deeper into the cryptocurrency space with its acquisition of CipherTrace, a Menlo Park, California-based blockchain analytics startup that develops tools for businesses and law enforcement agency to identify suspicious digital asset transactions. The financial terms of the transactions were not disclosed.
CipherTrace’s platform covers more than 7,000 cryptocurrency entities. According to Mastercard, based in Purchase, the acquisition is part of its strategy to support customers, merchants and businesses who are increasing their presence in the digital currency sector.
“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 for cyber and intelligence at Mastercard. “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.”