CipherTrace is basically a cryptocurrency and blockchain intelligence firm that focuses on boosting the security of systems, ensuring that crimes like money, laundering, fraud, and others don’t happen in order to keep the crypto space clean and secure. Since Mastercard has been very much into the crypto industry, they were looking for a firm that would help them to make their systems secure from such bad activities, so they decided to go for CipherTrace.
Mastercard has stated that they want to make sure that their systems are trusted and safe to use, so they have decided to acquire this Crypto intelligence firm in order to work on security.
Mastercard’s Crypto Adventure
The purchase of CipherTrace will help Mastercard in a lot of different ways as they progress to provide better cryptocurrency services in the future. It will help Mastercard to clearly show its users how their payments and investments are being handled in the crypto space. As for the users, this level of transparency will also help users to analyze the risks involved when getting involved in various cryptocurrencies and also will help Mastercard to make sure that regulatory rules are being followed.
In regards to the deal, Ajay Bhalla from the Intelligence department at Mastercard said that CipherTrace would mostly work on the features already provided by Mastercard in order to make the security system more robust while also providing protection from harmful exploiters and criminals. As the crypto industry continues to grow at a rapid rate, it must be made sure that whatever system or cryptocurrency is being used is safe and secure to utilize. Utilizing the power of CipherTrace, Mastercard will have the ability to keep an eye on criminal activities across more than 7,000 cryptocurrencies by utilizing the amazing blockchain data algorithms and results.
CEO of CipherTrace, Dave Jevans, stated that the work they do helps to ensure the safety of the cryptocurrency economy and is very excited to work with a company like Mastercard, which operates globally and will help to increase CipherTrace’s own exposure in the market. Mastercard has been on a roll when it comes to cryptocurrency services and features and is hoping to extend them in the coming future.