Kraken is enabling its customers to pay with their preferred cryptocurrencies at more than 150 million global merchants thanks to a new partnership with Mastercard.
The crypto exchange is expanding its payment service, Kraken Pay, by leveraging Mastercard’s global leadership status to embed the service as a payment method at merchant checkouts.
Anticipating largescale interest in its expansion of Kraken Pay, the digital assets company has opened a registration window for interested companies and merchants to join a waiting list before its launch.
David Ripley, Co-CEO of Kraken, said: “Crypto is transforming the payment industry, and we are envisaging a future where global trade and daily payments will be supported by crypto assets.
“Our customers want to be able to easily pay for real goods and services with their cryptocurrencies or stablecoins. Our partnership with Mastercard is a major step in realising this vision. Together, we will reveal the full potential of crypto-assets on a daily basis, ensuring their relevance and usefulness in the long term.”
Seeking to find new bridges between decentralised and traditional finance, Kraken Pay will utilise the 300 crypto and fiat currencies it has on offer to help provide greater choice for how consumers pay at the checkout.
Now with Mastercard’s backing, enabling it access to its global merchant partner base, Kraken stated it will continue to enhance its payment offering with the imminent launch of physical and digital debit cards “in the coming weeks”.
Scott Abrahams, EVP of Global Partnerships at Mastercard, added: “Mastercard is committed to fostering innovation and expanding the possibilities offered by digital payments. Our partnership with Kraken is concrete proof of this, as we work together to unleash the true potential of crypto-assets for daily use.
“With a common ambition to simplify, make interoperable and secure the digital asset ecosystem, we are proud to collaborate with Kraken and bring real value to their user base.”
This is the latest development of Kraken’s payment service after launching Kraken Pay at the end of January this year.
Within its roll out, Kraken introduced a new payment method of sending and receiving funds via text using a paylink to a secure URL. Also, funds can be transferred via social media on Kraken Pay.
The company encourages users to use the @Kraktag social media handle that prompts and identifies users to send transactions in either digital or fiat currencies.
