Privately held crypto exchange Kraken is teaming up with credit card giant Mastercard (MA) to issue new cryptocurrency debit cards.
The new debit cards are initially available to crypto holders in the United Kingdom (U.K.) 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 (BTC) and Ethereum (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.
Kraken Pay
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 media statement. 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 has fallen 9% so far this year.
Is MA Stock a Buy?
The stock of Mastercard has a consensus Strong Buy rating among 29 Wall Street analysts. That rating is based on 26 Buy and three Hold recommendations issued in the last three months. The average MA price target of $627.19 implies 31.07% upside from current levels.
