CipherTrace joins the Mastercard family!
CipherTrace x Mastercard: Elevating Crypto Trust
Mastercard Inc. is acquiring CipherTrace with the aim of enhancing security, transparency, and trust in digital assets. Mastercard is actively marching on its mission to considerably enhance its crypto and cybersecurity capabilities. After its earlier announcement aimed at making it “simpler for partners to convert cryptocurrency to traditional fiat currency.” Mastercard goes on to acquire the world’s first blockchain forensics firm—CipherTrace. Mastercard, the American multinational financial services corporation, has not yet disclosed the sum of the purchase deal.
CipherTrace offers “Bitcoin, eCrime, and payment expertise collaboration to fight crypto crime.” The blockchain surveillance firm CipherTrace is located in Menlo Park (California). Founded by Stephen Ray in May 2016, CipherTrace tracks over 900+ cryptocurrencies. In November 2020, CipherTrace filed two patents to set in place tools and systems to recognize false Monero (XMR) transactions. Having banks, crypto entities, regulators and government agencies as its esteemed clients. Per its website, CipherTrace is funded by the U.S. Department of Homeland Security (DHS).
CipherTrace: A Commitment to Crypto Safety
CipherTrace has in its agenda to develop and implement “entity transaction clustering, wallet identification, exchange attribution, and other functionality.” CipherTrace intends to assist law enforcement with strong tools to investigate Monero transactions and address criminal acts. It alerted the cryptoverse about a potential risk emerging in the DeFi space in early August (2021). Per CipherTrace’s claim, it elevated XMR’s capabilities of tracing.