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With the acquisition, Mastercard will improve its crypto and blockchain services. Here are the main balls you need to know.
Mastercard, a global fintech platform, has acquired CipherTrace, a provider of blockchain analytics and cryptocurrency intelligence software, for an undisclosed amount. The deal is expected to be finalized by the end of 2021.
Who are the parties to the case? CipherTrace: California-based CipherTrace provides blockchain analysis and fraud detection tools to help financial institutions, banks, and governments identify risks associated with digital assets. The technology offers services such as blockchain forensics, anti-money laundering, and compliance monitoring, among others. It caters to 150 clients, including global banks, cryptocurrency exchanges, VASPs, and regulators, enabling them to seize opportunities in more than 7,000 cryptocurrency entities. It has offices in 7 sites in the United States, Canada, United Kingdom, Germany and Singapore. Mastercard: New York-based Mastercard is a global payments company serving businesses, governments, financial institutions, and individuals in 210 countries. The company has offices in North and South America, Europe, the Middle East and Asia.
Source: CipherTrace
Why is the market important? The global blockchain software market is expected to grow at a CAGR of 23.47% and reach a value of $ 47.7 billion by 2027, according to QY Research Group. With the increasing demand for smooth business operations and supply chain management, the need for blockchain software will increase in the future. The high return on investment and other investment opportunities associated with this technology are attracting major players, contributing to the growth of the market.
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Sources 2/ https://www.cbinsights.com/research/mastercard-acquires-ciphertrace/ The mention sources can contact us to remove/changing this article |
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