- Kraken’s payment app, Krak, has launched a multi-asset debit card in the US, allowing spending of crypto and fiat with up to 2% cashback.
- The card supports over 600 currencies and assets, converting holdings to US dollars at the point of sale, and can draw from multiple balances per transaction.
- Issued by Lead Bank on VISA’s network and powered by Stripe Issuing, the card is available as a physical or virtual version to eligible US customers.
- Cashback rates depend on average assets held across Krak, Kraken, and Kraken Pro, positioning the card as an alternative to credit-based rewards programs.
- Payward’s Co-CEO Arjun Sethi outlined a broader push into banking services and tokenization, comparing the company’s ambitions to major financial institutions like JP Morgan.
Kraken’s consumer payments app, Krak, has officially launched a multi-asset debit card in the United States, enabling customers to spend both cryptocurrency and fiat while earning up to 2% cashback in dollars or Bitcoin (BTC). The card supports more than 600 currencies and assets, with holdings automatically converted into US dollars at the point of sale, and a single purchase can draw from multiple balances based on a user-defined spending order.
The card is issued by Lead Bank on Visa’s network and powered by Stripe Issuing, with physical and virtual versions available to eligible US customers. Cashback rates are determined by the average assets held across Krak, Kraken, and Kraken Pro, positioning the product as a direct alternative to credit-based rewards programs. A Morning Consult survey of 2,001 US adults commissioned by Krak found that 42% of credit card holders worry about paying off their monthly balance, while 60% of respondents said they would switch to a debit card offering rewards without taking on debt.
Kraken’s money and payments app has already issued over 135,000 multi-asset cards across the UK and European Economic Area since launching there in December 2025. Meanwhile, Co-CEO of Kraken’s parent company Payward, Arjun Sethi, discussed the broader strategy at the Wyoming Blockchain Symposium, including its push into additional asset classes and financial services. “As you start expanding into multiple asset classes, you’re just generally gonna be less susceptible to very specific markets,” Sethi said, adding that the company now offers banking services and described tokenization as a large part of its expansion effort. He compared Payward’s ambitions to those of major traditional financial institutions, saying the company needs to build products “not too different to a JP Morgan or a financial institution.” Separately, Kraken on Tuesday launched trading in more than 7,000 US-listed stocks for customers in the European Economic Area.
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