Mastercard has unveiled a groundbreaking partnership with Kraken aimed at facilitating large-scale Bitcoin and cryptocurrency payments across the UK and Europe. This collaboration seeks to empower Kraken’s users to utilize their digital assets at more than 150 million merchants globally that accept Mastercard, representing a significant advancement in the incorporation of Bitcoin into everyday transactions.
“Mastercard is dedicated to fostering innovation and broadening the horizons of digital payments,” remarked Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard. “Our collaboration with Kraken exemplifies this commitment as we strive to unlock the full potential of crypto assets for daily use. With a mutual goal to simplify, integrate, and secure the digital asset landscape, we are excited to partner with Kraken to deliver substantial value to their user community.”
Kraken, a leading cryptocurrency exchange boasting over 15 million customers worldwide, is leveraging Mastercard’s extensive payment infrastructure to enhance its product offerings. This includes the swift deployment of both physical and digital debit cards that link crypto balances to retail expenditures.
The partnership also capitalizes on the growing success of Kraken Pay, a feature launched by the exchange to facilitate rapid, borderless payments in both cryptocurrencies and fiat currencies. Within just three months of its introduction, more than 200,000 users have activated their personal “Kraktag” to transfer funds globally with the ease akin to sending a text message, as highlighted in the announcement.
“The cryptocurrency landscape is revolutionizing the payments sector, and we foresee a future wherein global commerce and everyday transactions are driven by crypto assets,” stated Kraken Co-CEO David Ripley in the announcement. “Our customers are eager to seamlessly pay for tangible goods and services using their cryptocurrencies or stablecoins. Our alliance with Mastercard is a pivotal step towards achieving this vision. Together, we will realize the full potential of crypto assets in daily life, ensuring their long-term significance and usability.”
Users of Kraken in the UK and Europe can now sign up for the waitlist for the forthcoming crypto debit cards, paving the way for them to utilize their BTC in everyday purchases, marking a new phase in the mainstream acceptance of Bitcoin as a practical payment method.
Previously, Mastercard collaborated with the exchange Mercado Bitcoin to introduce its Mastercard Crypto Credential, enabling its “first peer-to-peer (P2P) pilot transactions” utilizing aliases, rather than lengthy and complex blockchain addresses.
