The Kraken cryptocurrency platform has launched a payment-oriented partnership with Mastercard.
According to the information contained in a press release posted last Tuesday, April 8, on Mastercard’s official website, as a result of the cooperation between the two companies, Kraken customers will be able to spend crypto assets in the European Union and the United Kingdom at more than 150 million merchants. It is worth clarifying that in this case, it means merchants that accept Mastercard.
Kraken co-chief executive officer David Ripley stated that cryptocurrency is transforming the payment industry, and his company envisions a future in which global commerce and everyday payment transactions are powered by crypto assets. According to him, the mentioned firm’s clients want to be able to easily pay for real-world goods and services with their cryptocurrencies or stablecoins. He also stated that Kraken’s partnership with Mastercard is a major step in realizing this vision. According to him, together the companies will unlock the full potential of crypto assets in everyday life, ensuring their long-term relevance and utility.
This partnership was announced after the January launch of Kraken Pay, a feature that allows for instant, borderless payments in more than 300 cryptocurrencies and fiat currencies. Currently, more than 200,000 company customers leverage this service.
In a press release, it was noted that as part of the partnership with Mastercard, Kraken will expand its payment offering by launching physical and digital debit cards. This is expected to be implemented in the coming weeks. In the relevant context, the press release separately noted that the launch of physical and digital debit cards to bridge the gap between the crypto economy and everyday spending.
It is worth mentioning that last month the United States Securities and Exchange Commission decided to dismiss its lawsuit against Kraken. In 2023, the mentioned regulator accused the cryptocurrency platform of running an unregistered securities exchange, broker, dealer, and clearing agency. Also, in this case, Kraken was accused of depriving its investors of significant protections.
Kraken attributed the mentioned move to a change in leadership at the White House and the United States Securities and Exchange Commission and said the suit was always without merit. The cryptocurrency platform stated last month that instead of engaging in hard but necessary work, the SEC and throughout the government took a regulation-by-enforcement approach that stifled progress and disadvantaged the US compared to other countries that fostered innovation through fair and transparent digital asset regulation regimes.
As we have reported earlier, Kraken Obtains New Registration in Canada.
