Mastercard's CipherTrace technology will allow Mercado Libre to monitor, identify, and understand risks, and help the retailer manage its regulatory and compliance obligations.
As part of its mission to democratize financial services in Latin America, in December 2021 Mercado Libre announced that millions of Mercado Libre and Mercado Pago customers in Brazil would be able to buy, hold, and sell cryptocurrencies.
CipherTrace’s digital intelligence and analytics technology helps determine the risk of individual crypto transactions and assign a risk rating to any virtual asset service provider involved, based on well-established risk indicators. It also offers crypto tracing solutions to facilitate investigations.
Acquired by Mastercard in 2021, CipherTrace is a cryptocurrency intelligence and blockchain analytics company that provides solutions for some of the world’s largest banks, exchanges, financial institutions, and governments.
The partnership with Mercado Libre adds to Mastercard’s momentum, which draws on its growing partnerships to build secure cryptocurrency transactions. It will also help with the development of new platforms to test and support Central Bank Digital Currency programmes around the broader use of blockchain technology, NFTs, and offer the potential to support select fiat-backed stablecoins directly on its network.
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