Kraken and Mastercard have announced the launch of new debit cards that will allow users to use cryptocurrencies for purchases at over 150 million merchants worldwide.
Launch of Crypto Debit Cards
In the coming weeks, Kraken users in eligible regions will be able to join the waitlist for the new debit card. Users will have the opportunity to use their crypto holdings directly for purchases without needing to convert to fiat.
Partnership with Mastercard and Its Significance
This partnership highlights Kraken's strategic move towards simplifying the everyday use of cryptocurrency. "We want to bring crypto into the real world," the company stated. This also aligns with Kraken's efforts to obtain a license under the EU's Markets in Crypto-Assets Regulation (MiCA), positioning the company ahead of its competitors and adapting to regulatory changes in Europe.
Features of the New Kraken Card
The Kraken crypto debit card is set to feature clear and upfront fees when buying, selling, or converting assets. Each transaction will show a total fee before confirming, avoiding hidden costs. There are limits on purchases and maximum spending caps over a week to enhance security.
The launch of Kraken's debit card in partnership with Mastercard marks a significant step in integrating cryptocurrency into users' everyday financial lives in Europe.
