Mastercard announced it has acquired CipherTrace, as the payments company continues to expand its crypto capabilities.

Cryptocurrency is quickly going mainstream, with companies large and small supporting the technology. That adoption is extending to traditional finance and payments companies, such as Mastercard.

CipherTrace is a crypto intelligence company with a focus on the intersection between consumer privacy and the blockchain economy. Mastercard sees the company as a valuable element in creating an atmosphere of trust and security in the realm of cryptocurrencies and digital assets.

“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. “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.” 

“We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,” said Dave Jevans, CEO, CipherTrace. “Our two companies share this vision to provide security and trust throughout the ecosystem. We are thrilled to join the Mastercard family to scale CipherTrace’s reach across the globe.” 

Terms of the deal were not disclosed, although it is expected to close by the end of the year.