Kraken is expanding its consumer offerings with the launch of a new Bitcoin rewards debit card designed for users in the European Union and the United Kingdom. The Krak Card, powered by the Mastercard network, gives users 1% cash back on every purchase, with rewards paid in Bitcoin or their local fiat currency. The card integrates directly with the Krak peer-to-peer payments app, enabling seamless global payments using more than 400 supported digital assets at any Mastercard-accepted merchant.
According to Kraken’s Global Head of Consumer Mark Greenberg, the company aims to make everyday spending more flexible by treating “everything as money.” With the Krak Card, users can choose which assets to spend first through a customizable spend order. If one balance is insufficient, the Krak app automatically merges multiple assets to complete a transaction. For instance, if a user purchases a $100 item but only holds $75 in Bitcoin, the remaining $25 can be drawn from their Solana or Ethereum balance.
The card has no monthly or annual fees, though a spread fee applies when the app must sell assets to finalize a transaction. Kraken plans to expand the card to additional regions soon, with long-term goals including more card options, boosted rewards, and future credit products. A Kraken spokesperson also confirmed ambitions to bring the offering to U.S. users.
The Krak App, launched in June as a rival to Venmo and Cash App, has already surpassed 450,000 downloads across 130+ countries. The Bitcoin rewards debit card launch comes shortly after Kraken confidentially filed an S-1 ahead of a potential IPO and secured an $800 million raise at a $20 billion valuation.
Competition in crypto-based rewards is heating up, with exchanges like Coinbase and Gemini offering Bitcoin reward credit cards boasting up to 4% cashback. Kraken’s new card positions the company to strengthen its footprint in the growing digital payments and crypto rewards market.
