- Kraken and Mastercard enable crypto spending at 150M+ global merchants in Europe and the UK.
- Kraken Pay offers fast, borderless transfers for 300+ assets with 200K users using the new Kraktag feature.
- New crypto debit cards from Kraken will allow real-time spending in the EU and UK via Mastercard’s network.
Mastercard has partnered with Kraken to introduce crypto payments across Europe and the United Kingdom. Kraken users will be able to spend their digital assets, including Bitcoin, across over 150 million global merchants that accept Mastercard.
The initiative’s goal is to use cryptocurrency in everyday financial transactions. Mastercard’s payment network enables Kraken customers to pay for goods and services directly using cryptocurrency assets. The partnership underlines an increasing requirement for retail settlement payments using digital currencies and simple access to practical use cases of digital currencies.
Kraken Pay Supports Instant Global Transfers
This development is built on Kraken Pay to allow fast and borderless transfers in cryptocurrencies and fiat currencies. Within 90 days of its release, more than 200,000 users have activated the service by setting up their own “Kraktag.” This function simplifies sending money globally by enabling transactions with the ease of a text message.
Kraken Pay supports over 300 assets and is considered one of the key building blocks enabling widespread crypto-based payments. In addition, the integration of Kraken Pay into Mastercard’s network links it to a payment system that is broadly accepted worldwide. The collaboration is anticipated to speed up consumers’ readiness and ease of using crypto assets for their everyday spending.
Debit Card Rollout Set to Begin in Europe
Kraken will introduce both physical and digital debit cards. The cards will link users’ Kraken accounts to the Mastercard network, enabling users to spend their crypto balances in real-time. The European Union and the United Kingdom are slated for the initial release of debit cards.
The new product promises to reduce barriers associated with crypto payments, including long wallet addresses and currency conversion delays. This partnership will also help with transaction speed and make user experience easy on the end user contributing to wider adoption of crypto payment in the traditional retail environment.
By joining Mastercard’s payment infrastructure, Kraken aims to align cryptocurrency usage with existing financial systems and make it easier for a broader group of European users to adopt it.
