To enhance its cybersecurity tools and comply with crypto regulations, Mastercard acquired CipherTrace, a blockchain analytics start-up. 🤖
The details of the acquisition have not yet been disclosed. However, the deal will help the giant payment company track over 900 cryptocurrencies, as per the release.
CipherTrace specializes in scanning blockchains for illicit transactions. Mastercard said the deal will help businesses “identify and understand their risks” and “help manage their digital asset regulatory and compliance obligations.”
Earlier this year, the payment company demonstrated interest in crypto, saying Mastercard would allow customer-to-merchant payments in cryptocurrency without settling in fiat. In July, the company referred to using the USDC stablecoin as a bridge for users paying for goods in cryptocurrency.
This deal goes to show that payment companies are keeping an eye on the crypto security system. 👀