- Mastercard plans to enhance its crypto capabilities
- What the new product will do for the crypto sphere
According to Yahoo Finance, Mastercard behemoth continues its expansion in the crypto industry. It has now signed an agreement to purchase CipherTrace – the flagship crypto intelligence firm that offers data on over 900 crypto coins.
MASTERCARD ACQUIRES CIPHERTRACE TO ENHANCE CRYPTO CAPABILITIES$MA
— *Walter Bloomberg (@DeItaone) September 9, 2021Mastercard plans to enhance its crypto capabilities
The new product will be created using CipherTrace’s data on crypto and the cyber security solutions offered by Mastercard. Using it, companies will be able to ensure better transparency, as well as identify risks and work better with obligations in the sphere of crypto regulation and compliance.
Mastercard president of Cyber and Intelligence, Ajay Bhalla, believes that digital assets will be able to give commerce some new opportunities and help developing countries with financial inclusion and efficient economy development. He said:
“Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this."
RelatedNumber of Lost Bitcoins Exceeds 33.96% Of Total Supply at 7-Month High, Here’s What It MeansWhat the new product will do for the crypto sphere
The company provides services to blockchain companies for improving their cyber security and helps spot fraudulent activities for programs that involve crypto assets. Among their clients are major banks, crypto exchanges, government regulators and financial institutions.
After acquiring CyberTrace, Mastercard will be able to blend its tech, artificial intelligence and cyber capabilities provided by both companies to differentiate its infrastructure for card payments and real-time ones. This would allow clients to provide better protection to their customers and follow regulatory demands while creating their own business products related to crypto assets.
The acquisition also continues Mastercard’s course in the space of crypto assets to help its clients, corporations and merchants to use wider opportunities in transferring digital value.
Earlier, Mastercard also partnered with Uphold, Gemini exchanges and BitPay in order to start making crypto cards. In the future Mastercard plans to support CBDCs, NFTs and likely even use stablecoins directly on its network.
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