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 Acquires CipherTrace | Company Plans Opening Network To More Selected Cryptocurrencies
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A shopper passes a shop door advertising acceptance of purchases with Master Card, Visa, and other credit cards April 29, 2003 in Bakersfield, California. MasterCard International made a surprise announcement April 28, moments before the start of trial, that it had struck a deal with U.S. retailers over the company's demand that stores accept their debit cards along with their credit cards.

"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 Acquires CipherTrace | Company Plans Opening Network To More Selected Cryptocurrencies

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In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph beside a smartphone displaying the current price chart for ethereum on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation.

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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. 

In other news, El Salvador decided to make Bitcoin a legal tender. On the other hand, a crypto whale warns about a massive price decrease in the market.  

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

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