By Robb M. Stewart

 

Mastercard Inc. said Thursday it has agreed to buy a cryptocurrency-intelligence company in an effort to accelerate and expand its crypto-related strategy.

Payments-company Mastercard said it would extend its capabilities in the field of digital assets with a deal to buy CipherTrace for an undisclosed amount.

"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 of cyber and intelligence at Mastercard.

CipherTrace's platform helps customers bolster security and fraud monitoring activities for crypto-related programs, providing solutions for banks, exchanges and other financial institutions. Mastercard said the company has insight into more than 900 cryptocurrencies.

The transaction is expected to close before the end of the year, pending certain conditions, Mastercard said.

 

Write to Robb M. Stewart at robb.stewart@wsj.com

 

(END) Dow Jones Newswires

September 09, 2021 09:44 ET (13:44 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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