Mastercard, Kraken Team to Promote Crypto Payments in EU, UK #CriptoNews

Cryptocurrency platform Kraken launched a payments-focused partnership with Mastercard.

The collaboration will allow Kraken customers in the United Kingdom and Europe to spend crypto assets at more than 150 million merchants that accept Mastercard, according to a Tuesday (April 8) press release.

“Crypto is transforming the payments industry, and we envision a future where global commerce and everyday payments are powered by crypto assets,” Kraken co-CEO David Ripley said in the news release. “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. Together, we will unlock the full potential of crypto assets in everyday life, ensuring their long-term relevance and utility.”

The partnership follows the January launch of Kraken Paya feature that allows for instant, borderless payments in more than 300 cryptocurrencies and fiat currencies, per the release. More than 200,000 Kraken customers use the service.

Via its partnership with Mastercard, Kraken will expand its payment offering with the launch of physical and digital debit cards in the weeks ahead, “to bridge the gap between the crypto economy and everyday spending,” the release said.

Last month, the Securities and Exchange Commission decided to dismiss its lawsuit against Kraken. The SEC in 2023 had charged Kraken with running an unregistered securities exchange, broker, dealer and clearing agency, while also accusing the company of depriving its investors of “significant protections.”

Kraken attributed the move to a change in leadership at the White House and the SEC and said the suit was always without merit.

“Instead of engaging in that hard but necessary work, prior leadership at the SEC and throughout the government took a regulation-by-enforcement approach that stifled progress and disadvantaged the U.S. against other countries who fostered innovation through fair and transparent digital asset regulatory regimes,” Kraken said March 3.

Meanwhile, PYMNTS wrote Wednesday (April 9) about the importance of added security protocols for the crypto space amid the rise of artificial intelligence agents.