Kraken Partners with Mastercard to Enable Crypto Spending in the UK and Europe
Kraken has announced a new partnership with Mastercard aimed at enabling customers in the United Kingdom and Europe to use cryptocurrency for everyday purchases at millions of merchants worldwide. The deal, disclosed Tuesday, is part of a broader effort to integrate digital assets into traditional payment systems. The collaboration allows Kraken users to spend their crypto holdings at more than 150 million retailers that accept Mastercard. Physical and digital debit cards tied to users’ crypto wallets are expected to roll out in the coming weeks, the companies said. Expansion of Kraken Pay Services The partnership builds on Kraken’s payments initiative, Kraken Pay, which was launched earlier this year. The feature allows users to make real-time payments using more than 300 digital and fiat currencies. Kraken reported that over 200,000 customers have activated “Kraktags” — user IDs that facilitate peer-to-peer transfers — since the feature’s debut. The firm said the payment system is designed to operate across borders, offering functionality similar to traditional money transfers but powered by blockchain technology. While not disclosing financial terms or user activity data, the company framed the Mastercard collaboration as a way to expand Kraken Pay’s real-world use. Industry Push for Crypto Utility Executives from both companies cited a shared interest in expanding the practical utility of digital assets. Kraken Co-CEO David Ripley said the partnership aligns with the exchange’s goal of making cryptocurrencies viable for everyday transactions. Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard, described the collaboration as a “concrete demonstration” of the company’s support for digital asset integration. He added that simplifying and securing crypto payments remains a core focus. The partnership comes as regulatory scrutiny of crypto assets continues to grow across the European Union and the United Kingdom. Despite tighter compliance standards, both Kraken and Mastercard maintain that regulated infrastructure can help legitimize digital currencies and promote broader adoption. Kraken, founded in 2011, is among the oldest cryptocurrency exchanges, serving over 15 million customers globally. Mastercard, a longstanding player in global payments, has increased its involvement in the crypto sector through partnerships and infrastructure development over the past few years. Details on card issuance and merchant compatibility will be provided closer to the product’s launch, the companies said.
Ripple to Acquire Prime Broker Hidden Road in $1.25 Billion Deal
Ripple, a digital asset infrastructure firm based in San Francisco, announced Monday it will acquire global prime brokerage Hidden Road for $1.25 billion, marking one of the largest acquisitions in the cryptocurrency industry to date. The deal positions Ripple as the first cryptocurrency company to own and operate a global, multi-asset prime brokerage platform, expanding its institutional offerings amid growing demand for integrated digital and traditional financial services. The acquisition is pending regulatory approval and is expected to close soon. Founded in 2018, Hidden Road offers clearing, financing, and brokerage services across asset classes, including foreign exchange, digital assets, derivatives, and fixed income. The company reports annual clearing volumes of $3 trillion and serves over 300 institutional clients worldwide. Today, Ripple announced it is acquiring Hidden Road for $1.25B– becoming the first crypto company to own and operate a global, multi-asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging… — Ripple (@Ripple) April 8, 2025 Institutional Integration and Regulatory Shift Ripple executives cited increasing institutional interest and evolving regulatory conditions in the U.S. as key factors driving the acquisition. Brad Garlinghouse, Ripple’s CEO, said the move comes at a time when regulatory uncertainties are easing. The acquisition will enable Ripple to integrate Hidden Road’s services with its blockchain technology, particularly the XRP Ledger (XRPL), which will be used for post-trade processing. Ripple also plans to expand Hidden Road’s capacity by leveraging its financial resources, aiming to position it as the largest non-bank prime broker globally. Hidden Road’s founder and CEO, Marc Asch, said the acquisition provides additional capital, licenses, and resources to grow the business. “We’re looking to broaden our product set and reach new markets,” Asch said Stablecoin and Blockchain Integration As part of the deal, Hidden Road will use Ripple’s USD-backed stablecoin, RLUSD as collateral within its brokerage operations. This will support cross-margining between digital and traditional financial assets, according to the companies. Ripple also expects the acquisition to enhance its Ripple Payments product by optimizing cost and liquidity in cross-border transactions. In addition, Ripple plans to extend digital asset custody services to Hidden Road’s clients, reflecting increased demand for bank-grade digital custody in institutional finance. Ripple has maintained a presence in the digital asset industry for over a decade and holds more than 60 regulatory licenses globally. It previously participated in Hidden Road’s Series B funding round and is currently a client of the platform. The acquisition underscores a broader trend of consolidation in the digital asset spa