Mastercard Inc. has recently sealed the deal to purchase cybersecurity company Recorded Future for $2.65 billion, with the goal of strengthening the security of its expansive global payment network. The acquisition, previously held by Insight Partners, will enhance Mastercard’s ability to utilize artificial intelligence in combatting cyber threats and fraud.
Insight Partners had acquired a majority stake in Recorded Future in 2019 for over $780 million in a cash transaction. This strategic move will enable Mastercard to utilize advanced technology to protect against cybercrime, as emphasized by the urgency to address the projected global costs of cybercrime, estimated at $9.2 trillion for the current year.
Craig Vosburg, the Chief Services Officer at Mastercard, highlighted that the partnership will drive innovation, facilitate the development of intelligent models, and actively mitigate potential cyber risks. The transaction is expected to be completed by the first quarter of the upcoming year.
In addition to the acquisition of Recorded Future, Mastercard has expanded its support for non-custodial cryptocurrency wallets by partnering with Mercuryo, a European crypto payments infrastructure provider. This collaboration led to the introduction of a euro-denominated debit card, allowing users to spend their self-stored cryptocurrencies, such as Bitcoin, at over 100 million merchants worldwide within the Mastercard network.
Furthermore, Mastercard recently joined forces with MetaMask, created by ConsenSys, to unveil a new crypto card aimed at facilitating the integration of digital assets into everyday transactions. This initiative signifies a significant progression in incorporating cryptocurrency into regular consumer spending habits.
Overall, these strategic moves by Mastercard demonstrate a strong commitment to enhancing cybersecurity measures and embracing the evolving landscape of digital assets in the financial industry.