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Mastercard Debuts Blockchain Surveillance Tool for Banks and Crypto-Centric Card Issuers

On Tuesday, multinational financial services company Mastercard revealed that it was launching a new crypto monitoring product called Crypto Secure. Crypto Secure aims to leverage artificial intelligence (AI) algorithms to help crypto-centric banks and debit card issuers identify fraudulent cryptocurrencies.

Mastercard and Ciphertrace offer a new encryption monitoring product called Crypto Secure

Mastercard (NYSE: MA) has introduced a new part of software that leverages blockchain monitoring tactics and artificial intelligence to identify fraudulent encryption transactions. The finance company shared the news exclusively with CNBC and according to the company, the new software was developed by Ciphertrace.

Mastercard acquired the Ciphertrace blockchain intelligence company last year. According to Dave Jevans, CEO of Ciphertrace at the time: “Our companies share this vision to provide security and confidence throughout the ecosystem.”

The new Crypto Secure software will provide financial institutions and debit card issuers centered around encryption with a control panel that will determine blockchain activity and suspicious transactions. Essentially, blockchain monitoring software benefits from color-coded signals with different levels of suspicious activity.

According to Mastercard, the software does nothing but warn the financial services provider, while banks and card issuers must make a judgment call.

“The idea is that the kind of trust we provide for digital trade transactions, we want to be able to provide the same kind of trust for digital asset transactions for consumers, banks and traders,” Ajay Bhalla, head of Internet and Intelligence at Mastercard, told CNBC. Bhalla added:

The entire digital asset market is now a very large and large market.

Mastercard says that the company already uses software that monitors traditional applications and financial assets, and the new Crypto Secure platform is dedicated to cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Mastercard’s head of Internet and Intelligence was also asked about the recent downturn in the cryptocurrency economy, and Bhalla stressed that the financial services company was “more focused on providing long-term stakeholder solutions.”

“These are market cycles, they come and they go,” Bhalla concluded. “I think you have to take a longer view that this is a big market now and it’s probably going to be much bigger in the future.”

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