The deal will allow Mastercard to deliver greater transparency to their clients regarding cryptocurrency payment and investing. This not only assists clients in understanding their risks when investing in various assets, but it also helps Mastercard meet its regulatory duties.
According to Ajay Bhalla, Mastercard’s head of Cyber Intelligence, Ciphertrace will build on Mastercard’s existing capabilities to safeguard the security of the ecosystem and protect the burgeoning business from being exploited by bad actors.
By Using CipherTrace company’s blockchain data analysis, Mastercard will be able to track fraudulent activities across over 7000+ coins using CipherTrace.
CipherTrace CEO Dave Jevans says his company “helps keep the crypto economy safe” and that he is “thrilled to join Mastercard,” which will undoubtedly help his company’s reach.
Mastercard recently teamed with Australian cryptocurrency exchange CoinJar to introduce the country’s first crypto-card, allowing customers to pay for things using cryptocurrency without first converting it to fiat.