Mastercard, the payments behemoth <a href="https://www.mastercard.com/news/press/2021/september/mastercard-acquires-ciphertrace-to-enhance-crypto-capabilities/" target="_blank" rel="nofollow noopener">said </a>on Thursday that it has agreed to purchase <a href="https://www.cryptoknowmics.com/glossary#cipher">Cipher</a> Trace for an undisclosed sum. 

CipherTrace, based in Menlo Park, California, creates solutions to assist companies and law enforcement in identifying and tracing unlawful digital currency transactions. 

Chainalysis of New York and Elliptic of London are among the company's rivals.
<h2>Mastercard Agrees To Purchase CipherTrace for An Undisclosed Sum</h2>
Mastercard has agreed to purchase blockchain analytics start-up CipherTrace, the latest evidence of how large corporations are warming to cryptocurrencies.
“Digital assets have the potential to reinvent commerce from daily actions like paying and being paid to alter economies, making them more inclusive and efficient,” said Ajay Bhalla, Mastercard's President of Cyber &amp; Intelligence, in a statement. 
“With the fast expansion of the digital asset ecosystem comes the need to guarantee it is trustworthy and secure.”
The financial specifics of the transaction were not disclosed. In New York, Mastercard shares were up around 0.6% Thursday morning.
<h2>CipherTrace Creates Solutions To Assist Firms In Tracking Down Illegal Digital Currency Transactions</h2>
The fact that people who use Bitcoin and other cryptocurrencies are anonymous is a major problem. 

As a result, a lot of hackers and other criminals have made digital assets their preferred currency. 

The blockchain, on the other hand, is a public log of all digital currency transactions, and services such as CipherTrace analyze fund movements to determine whether they are suspicious.

The agreement, according to Mastercard, will assist its customers in protecting themselves and complying with rules as they begin to develop their own digital currency services. 

Some of the world's top banks and crypto exchanges, according to CipherTrace, use its platform.
<h2>This Is The Most Recent Example Of How Giant Firms Are Interested In The Crypto Industry</h2>
The transaction is the most recent example of how large corporations are becoming more interested in the cryptocurrency industry. 

Mastercard stated that it would open up its network to certain cryptocurrencies this year, while rival Visa recently revealed that users used its crypto-linked payment cards to spend more than $1 billion in cryptocurrency.

On Thursday, Bitcoin was <a href="https://www.cryptoknowmics.com/news/on-el-salvadors-first-day-bitcoin-falls-by-10000/">trading</a> at $47,000, up roughly 2% in the previous 24 hours. 

On Tuesday, the value of the world's largest digital coin plummeted after El Salvador made it <a href="https://www.cryptoknowmics.com/news/bitso-will-provide-service-to-el-salvadors-chivo-bitcoin-wallet/">legal currency</a>.

Cryptocurrency supporters welcomed the decision as a step toward the asset class's wider acceptance. 

However, El Salvador's Bitcoin rollout was not without problems, with the nation briefly suspending its official bitcoin wallet to improve server capacity.

Mastercard Buys Blockchain Analytics Startup CipherTrace

Mastercard has agreed to purchase blockchain analytics start-up CipherTrace, the latest evidence of how large corporations are warming to cryptocurrencies.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Mastercard Buys Blockchain Analytics Startup CipherTrace

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