Kraken Launches 2% Cashback U.S. Debit Card as It Pushes 600-Asset Crypto Spending
Updated
Updated · CNBC · Aug 18
Kraken Launches 2% Cashback U.S. Debit Card as It Pushes 600-Asset Crypto Spending
3 articles · Updated · CNBC · Aug 18
Summary
Kraken unveiled the Krak Card, a U.S. debit card that offers up to 2% back in cash or bitcoin and lets users spend directly from selected balances.
More than 600 currencies and crypto assets can fund purchases, with Kraken automatically converting chosen holdings into dollars at checkout and allowing split payments across multiple balances.
The card pushes Kraken into closer competition with Cash App, Venmo, SoFi, Robinhood and Chime as crypto firms race to become the consumer-facing layer for broader financial products.
U.S. debit interchange caps limit how much transaction revenue can fund rewards, suggesting Kraken is using the card less for swipe fees than to retain deposits, drive spending and keep assets on-platform.
Kraken backed the launch with a survey of 2,000-plus U.S. adults showing 63% feel financially behind and 60% would switch to a debit card with meaningful rewards without taking on debt.