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The global payments company intends to include the crypto intelligence initiative into its goals for digital currency expansion.
Given the company’s recent action, Mastercard’s focus on crypto and digital currency appears to have taken on a new dimension.
According to a release on Thursday, the global payments giant has reached an agreement to acquire CipherTrace, a blockchain intelligence firm with crypto forensics capabilities for over 900 cryptocurrencies.
As part of the acquisition, Mastercard says it plans to integrate CipherTrace’s operations into its own cyber security solutions for digital assets.
According to the announcement, Mastercard will combine its cyber capabilities with CipherTrace technology to differentiate its card and real-time payments architecture. For Mastercard, the deal will allow clients and partners to adopt digital assets while maintaining compliance with financial regulatory provisions.
Ajay Bhalla, Mastercard’s cyber and intelligence chief, commented on the acquisition, saying that the expansion of the crypto industry has forced the need for trustworthy and safe operations.
Indeed, Mastercard has made an appearance in the crypto and blockchain investment landscape, including collaborations with key crypto primitives in the crypto credit and debit card space, such as Gemini and BitPay.
Back in July, Mastercard’s CEO declared that the corporation needs to create a strong footprint in the cryptocurrency industry. At the time, the payments company announced aspirations to become the de facto testing partner for stablecoin and central bank digital currency projects.
In May, the business released a survey that revealed that 40% of consumers plan to use cryptocurrency for payments by 2022.
The acquisition of a prominent participant in the crypto forensics field, such as CipherTrace, might be aimed at increasing cooperation with central banks and stablecoin issuers on digital currency concerns.
As previously reported, Crypto.com intends to incorporate CipherTrace’s “Traveller” technology into its compliance toolbox in order to ensure compliance with the Financial Action Task Force’s “Travel Rule.”