CipherTrace

CipherTrace - the company provides services in the field of automated compliance with the requirements of cryptocurrency AML using APIs to minimize legal and financial risks.

History

2021: MasterCard bought CipherTrace

In early September 2021, Mastercard announced the purchase of CipherTrace at a price that companies did not disclose. Mastercard claims that by combining this data with its own cybersecurity technology, the company will be able to provide enterprises with greater transparency of the cryptocurrency space, helping them understand risks and manage their obligations to regulate digital assets and comply with all regulatory requirements.

The company CipherTrace analyzes huge volumes of confirmed attribution of transactions in the blockchain in order to make an idea of ​ ​ more than 900 cryptocurrencies. These data are used by customers, including some of the largest banks and exchanges in the world for security and monitoring.

MasterCard acquired CipherTrace

With the rapid growth of the digital asset ecosystem, there is a need to ensure its reliability and security. Our goal is to use the complementary capabilities of Mastercard and CipherTrace to solve these problems, "said Ajay Bhalla, President of Mastercard for Cybersecurity and Intelligence.

This event is part of Mastercard's aggressive strategy in the field of digital assets, in which the company collaborates with Uphold, Gemini and BitPay to create cryptocurrency cards, develop platforms for testing and supporting CBDC, as well as programs to support the wider use of blockchain and NFT technology.

It is assumed that the purchase of such a large player in the field of cryptocurrency expertise, such as CipherTrace, can be aimed at expanding interaction with central banks and issuers of stablecoins on issues of digital currencies. Crypto.com announced plans to integrate the CipherTrace Traveller tool into its compliance toolkit, this is necessary to develop financial measures against money laundering [^[1]