Mastercard and Kraken partner to enable global crypto pay
Mastercard and Kraken plan to launch a new generation of debit cards
Mastercard and Kraken join forces to bring crypto payments to 150M merchants worldwide
Traditional finance giants can no longer ignore the opportunities presented by cryptocurrencies. Mastercard and Kraken have announced a new phase in their partnership, with the ultimate goal of enabling crypto payments at over 150 million merchants worldwide that currently accept Mastercard.
This collaboration aims to bridge the gap between traditional finance and the crypto economy, making crypto payments more accessible and seamless.
As part of the initiative, Mastercard and Kraken plan to roll out a new generation of digital and physical debit cards, linked to Kraken accounts and powered by Mastercard’s infrastructure.
Initially launching in the EU and the UK, the solution will eliminate common obstacles such as conversion delays, decentralized wallets, and slow transaction speeds — allowing users to pay for goods and services with crypto as easily as they do with euros or pounds.
“Cryptocurrencies are transforming the payments industry, and we envision a future where global, everyday transactions are powered by digital assets,” said David Ripley, Co-CEO of Kraken, commenting on the alliance.
According to Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard, the partnership's vision is to unlock the true potential of crypto — turning it into a daily-use tool, not just a speculative asset.
Kraken Pay: The core tech behind the project
The bridge between digital currency and fiat payments is the recently launched feature Kraken Pay, which allows instant payments in over 300 cryptocurrencies and fiat currencies.
In just three months since its launch, over 200,000 users have activated their “Kraktag,” enabling them to send funds as easily as sending a text message.
Ease of use is a crucial factor for mainstream adoption, especially among people who are typically resistant to complex technologies. This alliance is aiming to make spending crypto as smooth, fast, and familiar as any other payment method.
As we wrote, Floki, a rapidly growing cryptocurrency firm, has partnered with Mastercard to introduce a debit card that enables users to spend 13 cryptocurrencies. Available in both physical and virtual forms, the card can be used across 31 European countries, including members of the European Union and the European Free Trade Association. Virtual gift cards will also be accessible globally.
