Mastercard has taken a big step toward cryptocurrency adoption with the purchase of CipherTrace, a blockchain analytics startup. CipherTrace creates tools that help companies and government officials suss out illegal cryptocurrency transactions much like Chanalysis and Elliptic. The exact financial details of the sale have yet to be disclosed.
Mastercard says that the deal will help to deal with a key concern surrounding bitcoin and other cryptocurrencies. That concern being the anonymity of the people making transactions. Mastercard says the acquisition of CipherTrace will help customers to better protect themselves against any possible attacks. Additionally, the deal will help Mastercard stay compliant with regulators as it continues to develop its own digital currency project.
