Master Card Acquires Crypto Tracing Firm CipherTrace
In a recent development Master Card, an international payment services company acquired CipherTrace. However, the details regarding the deal are kept confidential and not being published yet. ChipherTrace scans blockchains for legit transactions. Master Card officials said that the reason behind acquiring CipherTrace is to improve the overall payment transactions and understanding the risks which are involved in digital trading.
This acquisition has caught the crypto market like fire. The surprising acquisition was announced on Thursday, by both companies via press release. The completion of this deal has now provided Master Card with the opportunity to track over 900 cryptocurrencies. This deal will significantly enhance the legitimacy of the crypto sector.
However, recently Master Card’s President of the Cyber Wing stated that the rampant popularity and increased demand of the digital ecosystem need to ensure people that the digital platforms are safe and sound. He further added that the company is working on enhancing the security capabilities of both Master Card and CipherTrace.
Over the past 4 to 5 years Master Card has been pretty actively involved in the crypto business practices. In, February, it announced that crypto traders will now be able to use Master Card to make their crypto transactions. Back in the Month of July, the company announced that it is developing a mechanism to provide services for the exchange of cryptocurrency.
However, Master Card’s VP Raj Dhamodharan also added that “Company’s aim regarding crypto is quite simple: it is about people’s choice.” Mastercard is not here to advocate people not go for digital trading or watch out for the volatile nature of the market. Instead, the company has joined the market to empower customers by providing them with a risk-free transaction platform. The company aims to ensure that digital value is being moved with proper care. Apart from this, Master Card in past also made a statement that the company is looking forward to launching Master Debit cards through which customers would be able to trade their cryptocurrency directly. Master Card is not the only payment service company with the vision to enter the crypto market. Some of the world’s other renowned payment services companies such as Visa Card, Pay Pal, and Skrill also decided to go digital.
There is no denying that majority of the people were surprised to hear that news. But Master Card owning CipherTrace is also happy news for cryptocurrency. Crypto experts have said that it is such a relief that a trusted name like Master has entered the market. One of the biggest benefits of trading with Master Card is that customers know their stock is ok.
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