Kraken has launched the Krak Card, a new Bitcoin rewards debit card powered by the Mastercard network, for users in the European Union and the UK.
Key Features:
- Rewards: Users earn 1% cashback on every purchase, paid out in Bitcoin or their local fiat currency.
- Flexible Spending: The card links to the user’s spending balance in the Krak peer-to-peer payments app and allows payment using any of the 400+ supported assets (including crypto like Bitcoin, Solana, and Ethereum) at any merchant that accepts Mastercard.
- Automatic Asset Merging: If a user doesn’t have enough of a primary asset (like Bitcoin) to cover a transaction, the Krak Card will automatically pull from other crypto/fiat balances in the app to complete the purchase.
- Fees: There are no monthly or annual fees, but a spread fee is applied when assets must be sold to complete a transaction.
- Expansion Plans: Kraken plans to rapidly expand the card to US Krak users and add enhanced rewards and credit products in the future.
This launch follows Kraken’s recent announcement that it has confidentially filed an S-1 form to go public (IPO), with a recent fundraising round valuing the company at $20 billion. The Krak Card joins similar Bitcoin rewards products offered by competitors like Coinbase and Gemini.
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