Mastercard enhances cryptocurrency capabilities with CipherTrace

Mastercard has extended its capabilities deep into the field of digital assets with an agreement to acquire CipherTrace, a cryptocurrency intelligence company with insight into more than 900 cryptocurrencies.

As digital assets, including cryptocurrencies and non-fungible tokens (NFTs), become more intertwined with everyday activities, 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.

“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, Cyber & 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.”

Bringing Trust & Transparency to Digital Assets

CipherTrace’s platform helps customers enhance their security and fraud monitoring activities for crypto-related programs.

They provide solutions for some of the largest banks, exchanges, and other financial institutions in the world due to their industry leading data analytics and algorithms to help customers convert on their opportunities across 7,000+ cryptocurrency entities.

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

“Our two companies share this vision to provide security and trust throughout the ecosystem.”

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.