Mastercard has signed an agreement with CipherTrace to acquire the blockchain forensic company to extend its capabilities into the cryptocurrency space. According to a press release, the joint crypto-focused solution will provide businesses with "greater transparency to help identify and understand their risks and to help manage their digital asset regulatory and compliance obligations."
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"Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient," said Ajay Bhalla, President, Cyber & Intelligence at Mastercard.
While terms of the agreement remain undisclosed, the corporation said the transaction is anticipated to close before the end of the year. The acquisition comes after Mastercard launched a new Start Path global startup engagement program focused on supporting cryptocurrency and blockchain companies.
The company said that seven startups had already joined the program, including GK8, Domain Money, Mintable, SupraOracles, STACS, Taurus, and Uphold. As part of the program, Mastercard will provide startups with access to its latest tools and solutions to help companies scale their innovations.
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