Crypto platform Kraken has unveiled a new suite of features, including a debit card, designed to challenge traditional banks and neobanks. The company began a phased rollout of the “Krak” card, which offers 1% cash back on all purchases, paid in either local fiat currency or Bitcoin.
The launch marks a significant step in Kraken’s strategy to provide a comprehensive financial ecosystem that bridges the gap between crypto and traditional finance. By offering multi-asset spending capabilities, salary deposits, and wealth-building tools, Kraken aims to give customers the ability to “leave their bank behind and go all-in on crypto.”
Spending crypto like cash
The new Krak debit card, powered by Mastercard’s global payments network, will first be available to users in the UK and EU, with additional markets to follow.
A key feature of the card is its ability to spend from multiple balances instantly. For example, a £100 purchase could be covered by £80 from a cash balance and the remaining £20 from a crypto asset like Bitcoin, Ethereum, or Solana, with real-time currency conversion at the point of sale. Users can preset which assets are used first and exclude specific holdings, offering a level of flexibility and control not typically found in traditional banking products.
“To us, everything is money. You should be able to use whatever assets you hold to pay for everyday goods and services in the digital era we live in,” said Mark Greenberg, global head of consumer at Kraken. “From groceries to getaways, the Krak Card makes value move freely, no matter who you are or how you choose to store your money.”
The card comes with no foreign exchange (FX) or monthly fees and is available in both physical and virtual formats.
Building a primary financial account
Beyond spending, Kraken is introducing features to position the ‘Krak’ app as a primary financial account. This includes the upcoming rollout of salary deposits for UK and EU customers, removing barriers between earning, saving, and spending within the Kraken ecosystem.
The company is also launching ‘Vaults’, a feature that allows users to earn yield on their idle assets through integrations with independently audited lending protocols. Kraken states that this will offer returns of up to 10+% APY, providing a competitive alternative to traditional savings products.
Since its debut in June 2025, the Krak app has already been downloaded over 450,000 times across 130 countries. The company plans to continue enhancing the ecosystem with credit products, additional card options, and broader asset support in the coming months.
The launch is underpinned by Kraken’s growing regulatory footprint. The company recently received full authorisation for its Markets in Crypto-Assets Regulation (MICAR) license from the Central Bank of Ireland, granting it regulated access to offer crypto services across the European Economic Area. In the UK, Kraken has been a registered cryptoasset firm with the FCA for over a decade.
By combining these regulated foundations with innovative consumer products, Kraken is positioning itself to capture a new wave of clients seeking financial flexibility and rewards outside the traditional banking system.
