With every passing day, the focus of major electronic payments’ giant MasterCard, is increasing towards cryptocurrencies. MasterCard has been making constant developments and it is going through several acquisitions in order to make its journey extremely profitable.
This is the reason MasterCard is venturing more and more inside the cryptocurrency industry. The main goal is to not only benefit from the industry but to contribute towards the sector with its own input and innovation.
Ever since the start of 2021, MasterCard has been competing with Visa in the race to become the leading financial service providing entity in the crypto-verse.
Initially, MasterCard had formed partnerships with crypto firms aiming to launch debit/credit cards for users. Later on, the payment services giant proceeded with acquisitions of firms responsible for processing cross-border transactions.
The latest news surrounding MasterCard and the crypto-space reveal that the payment services giant has broadened its visions for the crypto-verse. Now, MasterCard is aiming to go for more crucial and key acquisitions in order to gain prominence and lead in the analytics space for cryptocurrencies as well.
On Thursday, September 9, 2021, a new announcement has been made by MasterCard, confirming it has acquired yet another firm from within the crypto-verse. The firm has announced that it has successfully finalized an agreement with CipherTrace.
According to the agreement, CipherTrace will be acquired by the global payments giant. CipherTrace is an intelligence firm in the cryptocurrency industry that is based on the blockchain network. The firm reportedly operates forensics for more than 900 cryptocurrencies and it is capable of doing even more.
MasterCard has announced that this is going to prove one of their most crucial and beneficial acquisitions in the crypto-sector. They will be able to integrate the operations from CipherTrace into their own security protocols. This would eventually help MasterCard gain more security and protection in the digital assets sector.
MasterCard is also known for having one of the securest and most protected cyberinfrastructures. Therefore, MasterCard’s infrastructure will become extremely proficient and efficient for its clients whether clients, merchants or other businesses.
Through MasterCard, the users will be able to gain exposure to cryptocurrencies and digital assets in a safe and protected environment. The major concern with the cryptocurrency sector is that it is almost unregulated. However, MasterCard will be able to offer regulatory compliance and funds protection to the consumers in the most regulated environment.
Ajay Bhalla, the chief of cyber and intelligence at MasterCard also commented on the recent acquisition of CipherTrace. He remarketed that with the growing cryptocurrency market and its adoption, it has become extremely necessary for crypto-verse to become regulated. This would eventually make the industry securer and protected for adoption.