Cryptocurrency platform Kraken has announced a payment-oriented partnership with Mastercard, aimed at facilitating the spending of crypto assets at over 150 million merchants worldwide who accept Mastercard. This collaboration was detailed in a press release on Tuesday, April 8.
David Ripley, co-CEO of Kraken, expressed that cryptocurrency is revolutionising the payments sector. “We see a future where global commerce and everyday transactions are driven by crypto assets,” Ripley stated in the release.
He highlighted the growing demand from customers to utilise their cryptocurrencies and stablecoins for routine purchases.
“Our alliance with Mastercard represents a significant advancement towards this goal. Together, we are poised to fully integrate crypto assets into daily life, ensuring their sustained relevance and practicality.”
This partnership builds on the January introduction of Kraken Pay, a feature that supports instant, borderless payments across over 300 cryptocurrencies and fiat currencies. According to the press release, over 200,000 Kraken customers are already utilising this service.
In the coming weeks, Kraken, in collaboration with Mastercard, plans to launch both physical and digital debit cards. This initiative is designed to “bridge the gap between the crypto economy and everyday spending.”
In other related news, last month the Securities and Exchange Commission (SEC) concluded its lawsuit against Kraken. Initiated in 2023, the SEC had accused Kraken of operating an unregistered securities exchange and failing to provide adequate protections to investors.
Kraken attributed the dismissal of the lawsuit to changes in leadership at the White House and the SEC, criticising the previous administration’s enforcement-based regulation that, according to the company, hampered progress and put the U.S. at a competitive disadvantage compared to other nations with clearer digital asset regulations.
Furthermore, a recent report from PYMNTS on Wednesday, April 9, discussed the growing need for enhanced security measures in the cryptocurrency sector, especially in the era of emerging artificial intelligence technologies.
