Mastercard teams up with Kraken to expand crypto payment services across Europe

Kraken partners with payment card giant Mastercard to make crypto payments available for users at over 150 million merchants across U.K. and European regions.

According to the official press release, the partnership will build upon the already established Kraken Pay, a recently launched feature from the crypto exchange that facilitates instant and borderless payments in more than 300 crypto assets and fiat.

As part of the crypto firm’s collaboration with Mastercard, Kraken plans to launch physical and digital debit cards in the next few weeks. Customers in the UK and Europe will be able to use these cards to spend their crypto holdings at over 150 million merchants worldwide that accept Mastercard.

The partnership aims to make cryptocurrency payments more accessible, bridging the gap between the crypto space and real-world usage. Kraken customers who are interested in the new jointly-launched crypto payment service can register to join the waitlist. At press time, there are 9,518 spots left to join the waitlist available on the Kraken site.

Kraken’s CEO David Ripley believes that crypto has the power to transform traditional payment systems. He sees the partnership with Mastercard as a way to expand on cryptocurrency’s real-world utility as a daily payment option.

“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 realizing this vision,” said Ripley in his statement.

Mastercard’s recent crypto-focused initiatives

Executive Vice President of Global Partnerships at Mastercard, Scott Abrahams stated the payment firm is committed to exploring the possibilities available for virtual asset payments through partnerships with crypto firms like Kraken.

“With a shared ambition to simplify, interoperate, and secure the digital asset ecosystem, we are proud to collaborate with Kraken and bring real value to their user base,” said Abrahams.

Earlier this month, Mastercard’s executive vice president of blockchain and digital assets, Raj Dhamodharan, said the company is currently working on a blockchain-powered Multi-Token Network. He added that nowadays traditional financial institutions are growing more interested in adopting crypto and other blockchain technology due to the expansive potential for new business models.

Last February, the payment firm announced that it has tokenized 30% of its transactions in 2024. It also reiterated its plans to forge collaborations with crypto firms to make cryptocurrency payments more accessible.