Kraken And Mastercard Team-Up On Crypto Debit Cards

(MENAFN- Yolo Wire) Privately held crypto exchange %Kraken is teaming up with credit card giant %Mastercard (NYSE: $MA) to issue new %Cryptocurrency debit cards.

The new debit cards are initially available to crypto holders in the United Kingdom and Europe and will allow them to spend their digital assets at more than 150 million merchants worldwide.

Kraken will offer physical and digital debit cards, allowing customers to use cryptocurrencies such as %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH), as well as %Stablecoins , in everyday transactions.

The cards are being supported by Mastercard and its global network of merchants.

The new crypto debit cards are the latest development in Kraken Pay, a service that debuted earlier this year and enables cross-border payments in cryptocurrencies.

More than 200,000 users have already activated a unique identifier tied to their Kraken digital wallet, simplifying the use of Kraken Pay’s services, according to a news release.

Kraken says the initiative with Mastercard aims to close the gap between the crypto economy and traditional spending by consumers.

The debit cards are expected to be available across Europe and in the U.K. in coming weeks. No mention of when or if the crypto debit cards will be available in the U.S. or Asia.

The stock of Mastercard is currently trading at $479.92 U.S. per share, having fallen 8% so far this year.

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