Kraken Brings Multi-Asset Debit Card to US Market

Kraken has launched its multi-asset debit card, Krak Card, in the United States, about eight months after introducing the card in the United Kingdom and the European Economic Area (EEA), the company said in a Tuesday (Aug. 18) press release.

The Krak Card allows customers to store money across more than 600 currencies and assets, including crypto assets, spend any of them at checkout and earn up to 2% cashback paid in their choice of U.S. dollars or bitcoin, according to the release.

The card can be used anywhere Visa is accepted worldwide. At checkout, Krak converts assets into U.S. dollars in real time to settle the purchase. Customers set the priority order, deciding which assets are prioritized for spending, and which ones are off limits, the release said.

The card’s cashback rewards rates are tiered, based on the value of assets the customer holds. The cashback is paid in out as money delivered to the customer’s account, in their choice of U.S. dollars or bitcoin, the instant the transaction settles, per the release.

The Krak Card was made available to U.S. customers Tuesday, both as a physical and virtual card, to anyone who downloads the Krak app, according to the release.

“The Krak Card turns whatever people choose to hold into money they can spend anywhere, and pays the value back as cash, not points,” Arjun Sethi, Co-CEO of Payward, the parent company of Kraken, said in the release.

Kraken introduced the Krak Card in November, offering it first to users in the U.K. and the European Union and saying it would expand the debit card to additional markets within weeks.

According to the Tuesday press release, more than 135,000 Krak Cards have been issued across the U.K. and the EEA since December.

The U.S. launch brings the same experience to American customers, per the release.

“In the months ahead, Krak will continue bolstering its offering, bringing its multi-asset card and its customer-first rewards model to more markets worldwide, and deepen its account features to meet a wider range of financial needs,” Kraken said in the release.