Mastercard acquires blockchain analytics firm CipherTrace

Mastercard has delved deeper into the cryptocurrency space with its acquisition of CipherTrace, a Menlo Park, California-based blockchain analytics startup that develops tools for businesses and law enforcement agency to identify suspicious digital asset transactions. The financial terms of the transactions were not disclosed.

CipherTrace’s platform covers more than 7,000 cryptocurrency entities. According to Mastercard, based in Purchase, the acquisition is part of its strategy to support customers, merchants and businesses who are increasing their presence in the digital currency sector.

“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 for cyber and intelligence at Mastercard. “With the rapid growth of the digital asset ecosystem comes 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.”

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Phil Hall’s writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release “Moby Dick: The Radio Play” and the upcoming “Jesus Christ Movie Star,” both published by BearManor Media). He is also the host of the SoundCloud podcast “The Online Movie Show,” co-host of the WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog, Profit Confidential, The MReport and Outside of journalism, he is also a horror movie actor – usually playing the creepy villain who gets badly killed at the end of each film.

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