Mastercard Acquires CipherTrace to Enhance Crypto Capabilities
Security and Fraud Detection Provide Additional Transparency and Support for Digital Assets Ecosystem
Latest Investment Helps Company Accelerate and Expand Crypto-Related Strategy
As digital assets, including cryptocurrencies and non-fungible tokens (NFTs), become more intertwined with everyday activities — from the way people pay and get paid to how they invest — trust and security will be critical enablers to ensure broad adoption and scale. These new technologies will require new solutions and more powerful intelligence to ensure that the crypto economy is instilled with the same trust and peace of mind that consumers currently experience with more traditional payment methods.
The integrated offering will build on CipherTrace’s suite of digital assets and Mastercard’s cyber security solutions to provide businesses with greater transparency to help identify and understand their risks and to help manage their digital asset regulatory and compliance obligations.
“Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” said
Bringing Trust & Transparency to Digital Assets
CipherTrace’s innovative platform helps customers enhance their security and fraud monitoring activities for crypto-related programs. They provide solutions for some of the largest banks, exchanges, and other financial institutions in the world due to their industry leading data analytics and algorithms to help customers convert on their opportunities across 7,000+ cryptocurrency entities.
“We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,” said
The deal enables
CipherTrace will also help drive continued innovation with a diverse range of partners, like fintechs, crypto-wallet providers, governments, etc., while also allowing the company to deliver on the principles it has established for all blockchain-related programs.
The acquisition is part of Mastercard’s strategy in the digital assets space to help provide customers, merchants and businesses with more choice in how they move digital value. It follows a number of investments the company has made, including partnerships with Uphold, Gemini and
Terms of the agreement were not disclosed, and the transaction is anticipated to close before the end of the year, pending certain conditions.
CipherTrace, a leading cryptocurrency intelligence company, bridges virtual currencies and financial services together with fraud protection, anti-money laundering and financial investigation solutions. CipherTrace derives superior cryptocurrency intelligence from analyzing massive amounts of validated blockchain transaction attribution. CipherTrace founders are dedicated to protecting consumer privacy and growing the blockchain economy, while defending against illicit finance. Deep expertise in cybersecurity, eCrime, payments, banking, encryption and virtual currencies form the foundation for CipherTrace’s commercial offerings. For more information, visit CipherTrace.com, subscribe to the CipherTrace Newsletters and follow us on Twitter @CipherTrace.
This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words “believe,” “expect,” “could,” “may,” “would,” “will,” “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to Mastercard’s future prospects, developments and business strategies, as well as Mastercard’s acquisition and operation of CipherTrace. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the company’s ongoing obligations under the
Many factors and uncertainties relating to the proposed transaction, our operations and our business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of these factors could cause our actual results or the impact of the acquisition to differ materially from those expressed or implied in writing in any forward-looking statements made by
For additional information on other factors related to Mastercard’s overall business that could cause Mastercard’s actual results to differ materially from expected results, please see the company’s filings with the
Source: Mastercard Investor Relations