The world’s largest credit card company is taking aim at crypto-threats with a new acquisition. Mastercard has announced its purchase of CipherTrace, which works to protect financial institutions from digital currency hacks using “blockchain forensics.
In an era where hackers are increasingly targeting people who have bank accounts or invest in cryptocurrencies like Bitcoin (BTC=USD), it makes sense that one big firm would want their own security team for this type of work–since most Blockchain management firms cannot do both. That’s why we’re so happy about the news today.
Mastercard is looking to get ahead of the cryptocurrency game. The company just announced that it will now allow customers in America and Europe to spend their crypto on card purchases. This could be an important step forward for both cryptocurrencies and credit cards as more people continue adopting these currencies into everyday life.
Although Cryptocurrencies have been prevalent over recent years, not all financial institutions accept them at this point. MasterCard has taken steps though by adding support so you can use your virtual money anywhere.
Mastercard is hopeful for a brighter future. It says that it will provide businesses with greater transparency so they can identify and understand their risks.
Drawing on CipherTrace’s expertise in the field of digital asset management for both consumers and merchants alike; MasterCard is hopeful for so many things.
Dave Jevans, CEO of CipherTrace said that they are “helping companies” to keep cryptocurrency safe. He also mentioned banks and law enforcement agencies as customers for their services in keeping the crypto economy secure from hackers or other threats.