Mastercard confirmed purchasing CipheTrace, a blockchain analytics startup. This just shows that the multinational financial company has taken an interest in the world of cryptocurrency.
"Mastercard will extend its capabilities deep into the field of digital assets with an agreement to acquire CipherTrace," said Mastercard via its official blog post.
This is a major deal since CipherTrace is one of the leading crypto companies, with more than 900 cryptocurrencies on its platform. The latest acquisition was announced on Thursday, Sept. 9.
However, Mastercard hasn't confirmed the exact amount it spent to purchase the giant blockchain firm. CipherTrace is a California-based blockchain firm that develops tools to help businesses and law enforcement manage digital currency transactions.
Mastercard's acquisition of the company is a massive one since it could protect its consumers into cryptocurrencies.
Mastercard CipherTrace Acquisition's Details
According to CNBC's latest report, Mastercard's shares went up by 0.6% last Thursday morning, Sept. 9, after successfully buying CipherTrace.
Mastercard's Cyber and Intelligence President Ajay Bhalla explained that cryptocurrencies are now affecting many people since various individuals across the globe are now using these digital assets to pay and receive payment.
However, he added that security should be enhanced, especially since the crypto market is experiencing massive growth. As of the moment, security experts are still concerned about BTC, ETH, and other crypto brands since people can make transactions anonymously.
They also discovered that hackers and other online attackers are also using digital currencies to transfer funds to not be easily identified.
Mastercard Plans Opening Network To Selected Cryptos
Purchasing CipherTrace is only one of the efforts of Mastercard to enter the crypto market.
The American multinational financial service also announced that it is planning to open its network to selected cryptocurrencies. However, the company hasn't named any brand yet.
For more news updates about Mastercard and other financial firms, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis