Mastercard and Kraken have embarked on an exciting new collaboration aimed at making Bitcoin and other cryptocurrencies part of everyday transactions across the UK and Europe. This partnership is set to empower Kraken users to use their digital currencies at more than 150 million Mastercard-friendly merchants worldwide. It’s a huge leap forward for weaving Bitcoin into daily commerce.
Scott Abrahams, Mastercard’s Executive Vice President of Global Partnerships, shared his enthusiasm: “Mastercard is devoted to pushing the envelope in the digital payments space. Our alliance with Kraken exemplifies our efforts to harness the capabilities of cryptoassets for everyday transactions. We’re on a mission to simplify, secure, and unify the digital asset ecosystem, and working with Kraken is a big step in achieving that.”
Kraken, a longstanding player in the cryptocurrency exchange arena serving over 15 million users globally, is leveraging Mastercard’s broad payment network to broaden its offerings. This expansion includes a swift rollout of both physical and digital debit cards that link crypto holdings to retail purchases.
Adding to the momentum is Kraken Pay, a new feature introduced by the exchange, offering quick, borderless payments in both cryptocurrencies and traditional currencies. A mere three months post-launch, the feature has seen more than 200,000 users sign up for their personal “Kraktag,” allowing them to send money around the globe with the ease of typing a text message.
David Ripley, Kraken’s Co-CEO, stated, “Cryptocurrency is reshaping the payments industry, and we’re looking ahead to a time when cryptoassets power both global trade and daily purchases. Our customers are eager to spend their cryptocurrencies and stablecoins on real-world goods and services. This partnership with Mastercard is pivotal in turning that aspiration into reality. Together, we’re set to unlock the extensive possibilities of cryptoassets in everyday life, cementing their relevance and usefulness for the future.”
Now, Kraken users in the UK and Europe can sign up for the waitlist for the forthcoming crypto debit cards, gearing up to incorporate BTC into their everyday expenses. This development marks a new era in the widespread embrace of Bitcoin as a practical payment method.
In a related move last year, Mastercard teamed up with the exchange Mercado Bitcoin to roll out the Mastercard Crypto Credential. This initiative included piloting the first peer-to-peer transactions using aliases rather than lengthy blockchain addresses.
