CHEYENNE, Wyo.–The fintech Kraken has announced plans to launch a Mastercard-powered debit card offering 1% cashback and multi-asset spending across the United Kingdom and European Union as part of a phased global rollout of its Krak money app.
According to the company, new features include DeFi-linked “Vaults,” salary deposits, and expanded wealth tools that aim to position Krak as a primary account alternative to legacy banks and neobanks, The Block reported.
“Kraken has begun a phased rollout of a cashback debit card, salary deposit, and expanded wealth tools for Krak as it looks to turn its new money app into an alternative to traditional bank accounts and neobanks, framing the upgrades as a way for customers to ‘leave their bank behind and go all-in on crypto’ while still accessing everyday payments and savings,” according to The Block.
Free International Payments
The report noted that Kraken first launched Krak in June, aiming to compete with Venmo and PayPal by offering free local and international payments. The company reported this week that the Krak app has since been downloaded more than 450,000 times in over 130 countries and already lets users send over 400 cash and crypto assets to more than 160 countries, with yield opportunities of up to 3.6% on eligible assets.
‘The Money App You Use by Default’
In a separate statement, Kraken executives said the goal now is to move beyond a starter feature set and turn Krak into “the money app you use by default,” combining spending, sending, and saving in a single, borderless, multi-asset product, according to the Block.
“Banking still isn’t great. What is money is changing… Folks want more… They want access to yield, they want control and transparency, they want fully reserved assets, and they want rewards for how they store and spend value,” Kraken Global Head of Consumer Mark Greenberg said in a statement.
The Block reported that as part of the new push, Krak will first offer its debit card to users in the U.K. and E.U., with more markets to follow in the coming weeks.
‘Physical & Virtual Form’
“The Mastercard-powered Krak Card comes in physical and virtual form, and is designed to spend from multiple balances in real time without FX or monthly fees. For example, a £100 purchase could be split between £80 of cash and £20 of assets such as Bitcoin, Ethereum, or Solana, with instant conversion at checkout based on a user’s preset spend order and excluded assets,” Kraken said, according to the Block. “On the back end, the card connects to more than 400 crypto and fiat assets supported in the Krak app.”
