Kraken has unveiled its Bitcoin rewards debit card, the Krak Card, for users across the UK and EU.
The card operates on the Mastercard network and allows users to earn 1% cash back on every purchase.
Consumers can choose to receive rewards in Bitcoin or their local fiat currency.
Kraken’s move signals an expansion in accessible crypto payment solutions and broadens its financial product offerings.
Flexible crypto spending with the Krak Card
The Krak Card links directly to users’ balances in the Krak app, which supports over 400 assets, including Bitcoin, Ethereum, and Solana.
Kraken said the card enables users to set spending priorities, allowing specific currencies to be used first for transactions.
If a user’s Bitcoin balance is insufficient, the app automatically draws funds from other assets to complete purchases.
This feature ensures transactions proceed smoothly even when one balance is low.
Kraken confirmed the card carries no monthly or annual fees. However, a spread fee may apply when an asset conversion is necessary to cover a transaction.
A Kraken representative stated this approach reflects the company’s focus on providing accessible financial tools.
The firm also emphasized plans to expand the card’s availability to additional regions beyond the UK and EU.
Expansion plans and market context
Kraken announced ambitions to introduce the Krak Card to U.S. users, alongside plans for additional features.
The firm also hinted at future credit products and enhanced rewards for cardholders, reflecting a broader strategy to integrate crypto into everyday spending.
The Krak Card complements Kraken’s Krak App, launched in June, which has already been downloaded over 450,000 times.
The app competes with peer-to-peer payment services such as Venmo and Cash App.
Kraken’s expansion into crypto debit cards follows similar moves by other exchanges, including Coinbase and Gemini, positioning the firm as a strong competitor in crypto payments.
Recently, Kraken filed an S-1 form to go public, signaling a potential IPO. Ahead of this, the company raised $800 million, valuing Kraken at $20 billion.
The Bitcoin rewards card is part of Kraken’s strategy to broaden its consumer offerings and attract more users to its platform.
By combining digital assets with everyday spending, Kraken provides a practical entry point for consumers exploring cryptocurrency.
Kraken’s new card is expected to increase user engagement and further establish the company in the financial services sector.
The firm’s spokesperson added that continued product innovation remains a central focus as Kraken grows its ecosystem.