Daily Management Review

Mastercard buys cryptocurrency analytics company


One of the world's largest credit card companies, Mastercard, is buying CipherTrace, a cryptocurrency analytics company, according to Mastercard’s press release.

"Mastercard will expand its digital asset capabilities by signing an agreement to acquire CipherTrace, a leading cryptocurrency analytics company," the statement said.

The company notes that the acquisition of CipherTrace is part of its digital asset strategy, which aims to provide customers with more digital asset transaction options. As part of that strategy, Mastercard previously partnered with Uphold, Gemini and BitPay.

Terms of the deal were not disclosed. The deal is expected to close by the end of 2021, subject to certain conditions.

CipherTrace is a cryptocurrency analytics company. It combines virtual currency and financial services together with financial investigation and fraud protection solutions.

MasterCard Inc. is an operator of one of the largest payment systems in the world. The number of transactions made through this payment system exceeds 22 billion per year.

source: reuters.com