Mastercard Acquires Cybersecurity Firm Recorded Future For $2.65 Billion

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As a seasoned crypto investor with a knack for discerning trends and staying ahead of the curve, I find Mastercard’s recent moves to be nothing short of strategic brilliance. The acquisition of Recorded Future, a cyber-defense powerhouse, is a smart move to bolster its global payments network security in an age where cyber threats loom larger than ever. With record-breaking costs of cybercrime projected this year, it’s clear that Mastercard is playing the long game, ensuring their clients and users are protected from potential attacks.

Mastercard Incorporation has officially closed a deal to purchase cybersecurity firm Recorded Future for approximately 2.65 billion dollars, with the goal of bolstering the safety and security of their vast international payment system.

The investment by Insight Partners into the credit card company will enhance their capacity to use artificial intelligence to defend against cyber attacks and fraudulent activities.

Mastercard Buys Recorded Future to Fight Cybercrime

Back in 2019, Insight Partners obtained more than half of Recorded Future by means of a monetary deal that valued the company at more than $780 million.

1) In a recent statement, Recorded Future – a service used by more than 1,900 clients worldwide across 75 countries – emphasized the increasing importance of combating cybercrime. The company pointed out that the potential financial impact of cybercrime is expected to reach an astronomical $9.2 trillion globally in 2021.

As reported by Bloomberg, Craig Vosburg, holding the position of Chief Services Officer at a credit card network, highlighted that the collaboration would speed up innovation, improve the creation of intelligent models, and actively confront possible cyber risks. It’s expected that this deal will be finalized during the first quarter of the coming year.

Boosting Self-Custody Crypto with New Debit Card

Mastercard has teamed up with Mercuryo, a European crypto payments provider, to strengthen its services for non-custodial digital wallets. This partnership resulted in the launch of a debit card that can be used in euros, enabling users to spend their self-held cryptocurrencies, such as Bitcoin, at over 100 million merchants worldwide who are part of Mastercard’s credit network.

After introducing a trial cryptocurrency debit card compatible with the MetaMask wallet in August 2024, this move represented a substantial advancement in Mastercard’s plan to forge stronger ties with the rapidly expanding digital asset industry.

The action highlights a rising pattern in the crypto world: the transition towards personal management of cryptocurrencies. Unlike conventional custodial wallets where institutions like banks or exchanges handle the safety and storage of digital assets, self-custodial wallets empower users to have full authority over their private keys and thus their funds. This method of asset management encourages more independence but also means that the responsibility for security is solely on the individual users.

Also recently, Mastercard has partnered with MetaMask, developed by ConsenSys, to launch a new crypto card aimed at bridging the gap between digital assets and everyday transactions. This collaboration marks a significant step in integrating cryptocurrency into daily consumer spending.

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2024-09-12 22:15