Mastercard has entered into a partnership with Kraken to enable real-world Bitcoin and cryptocurrency payments across the UK and Europe.
The collaboration will allow Kraken users to spend their digital assets at over 150 million merchants worldwide that accept Mastercard, marking a move towards greater integration of cryptocurrency into everyday transactions.
“Mastercard is committed to driving innovation and expanding the possibilities of digital payments,”
said Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard.
“Our partnership with Kraken is a concrete demonstration of this, as we work together to unlock the true potential of cryptoassets for everyday use.”
Kraken will use Mastercard’s payments infrastructure to support the introduction of physical and digital debit cards.
These will link users’ cryptocurrency balances to traditional retail payment systems.
The initiative builds on Kraken Pay, a feature launched by the exchange to support cross-border payments in both crypto and fiat currencies.
Over 200,000 users have activated their personal “Kraktag” since the service launched three months ago.
“Crypto is transforming the payments industry, and we envision a future where global commerce and everyday payments are powered by cryptoassets,”
said Kraken Co-CEO, David Ripley.
“Our customers want to be able to easily pay for real-world goods and services with their cryptocurrencies or stablecoins. Our partnership with Mastercard is a major step in realising this vision.”
Kraken users in the UK and Europe can now join a waitlist for the upcoming crypto debit cards, which will allow them to begin using Bitcoin and other cryptocurrencies for everyday purchases.
Featured image credit: edited from freepik
