Mastercard is planning to double down on its cryptocurrency arm as the business world is facing an "influx of innovation." The company said in a press release it will hire more than 500 college graduates this year to expand consulting services related to fintech and crypto.

With the expansion, Mastercard wants to take a leading role in helping central banks explore the design of a central bank digital currency (CBDC). That being said, the company has already rolled out a playground where financial regulators can research various scenarios before deploying products.

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The move comes after Mastercard acquired a blockchain forensic firm CipherTrace for an undisclosed price to enhance fraud detection in the cryptocurrency market. The company said that the acquisition was part of its strategy in the digital assets space to help provide customers and businesses "with more choice in how they move digital value."