Mastercard makes moves in the crypto sector

Team Luno
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  • Payments giant Mastercard has acquired CipherTrace, a crypto tracing firm that develops solutions for cryptocurrency anti-money laundering, forensics, and blockchain threat intelligence.

 

  • In a statement given by Ajay Bhalla, Mastercard’s president of cyber and intelligence, said the rapid growth of the digital asset ecosystem brings the need to ensure it is trusted and safe. “Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this,” said Bhalla.

 

  • Although details of the acquisition were not disclosed, this is yet another sign of Mastercard making moves in the crypto sector. In July, the financial services company announced plans to allow merchants to accept payment in crypto. In the same month, Mastercard also announced that it will use the USDC stablecoin as a bridge asset for cardholders.

 

  • “Our philosophy on cryptocurrencies is straightforward: It’s about choice,” said Mastercard’s crypto VP, Raj Dhamodharan, before stating the payments company is “here to enable customers, merchants and businesses to move digital value.”
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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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