Kraken Launches Crypto–Fiat Debit Card

Crypto platform Kraken has begun rolling out the Krak Card, a debit card that enables instant spending using multiple balances and earns 1% cash back rewards on all purchases.

The company will offer the card first to users in the United Kingdom and the European Union, and it will then expand the card to additional markets within weeks, it said in a Tuesday (Nov. 25) press release.

Powered by Mastercard’s global payments network, the Krak Card enables users to pay with their choice of more than 400 crypto and fiat assets supported in the Krak app, according to the release.

Users can preset which assets are used first and can exclude those they don’t want to use for payments, per the release.

“You should be able to use whatever assets you hold to pay for everyday goods and services in the digital era we live in,” Mark Greenberg, global head of consumer at Kraken, said in the release. “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 launch of Krak Card follows the full activation of Kraken’s Markets in Crypto-Assets Regulation (MiCAR) license, which is authorized by the Central Bank of Ireland, according to the release. The license allows the company to offer crypto services across the European Economic Area.

In the U.K., Kraken’s platform is registered with the Financial Conduct Authority and has offered crypto products to local clients for over a decade, the release said.

The company’s Krak app, which was introduced in June, has been downloaded more than 450,000 times in more than 130 countries, per the release.

“The launch of Krak Cards is expected to accelerate this growth, attracting a new wave of clients seeking a primary financial account with true financial flexibility and compelling rewards,” Kraken said in the release.

Kraken said in July that it accelerated the building of its offerings in the second quarter and is focused on doing the same through the remainder of the year.

“Kraken is in build mode,” the firm said in its second quarter financial highlights. “We are creating a multi-asset platform that enables anyone to trade anything, anytime, anywhere.”

The company announced Wednesday (Nov. 19) that it had filed confidentially for an initial public offering with the Securities and Exchange Commission.