Kraken’s Krak App Launches US Multiasset Debit Card

Kraken's consumer payment application, Krak, has launched a multiasset debit card in the United States, allowing customers to spend both cryptocurrency and traditional currencies while earning rewards. The card, which can be used at any merchant accepting Visa, represents a significant expansion of the company's financial services beyond trading.

The debit card enables users to fund purchases from more than 600 supported currencies and digital assets. Holdings are automatically converted to U.S. dollars at the point of sale, allowing seamless transactions without requiring merchants to directly accept crypto. A key feature is the ability for users to set the order in which their various asset balances are spent, potentially allowing a single purchase to draw from multiple holdings.

Users can earn cashback rewards of up to 2 percent on eligible purchases, paid out in either U.S. dollars or Bitcoin. The rewards rate is determined by the average assets held across a user's Krak, Kraken, and Kraken Pro accounts, incentivizing longer-term engagement with the platform. The company positions this as an alternative to traditional credit card rewards, citing a commissioned survey that...