Krak, the fintech app affiliate of crypto exchange Kraken, has launched a U.S. debit card offering up to 2% cash or bitcoin back, with rewards paid directly as money rather than points. The card allows customers to spend directly from over 600 currencies and crypto assets, automatically converting chosen balances into dollars at point of sale, per CNBC.
The Krak Card lets users set the order in which assets are spent and split purchases across multiple balances. While standard debit interchange limits constrain direct card fee revenue, Kraken's core interest is using the card as a distribution mechanism for customer financial products, retaining deposits, driving spending, and keeping more customer assets on the platform.
The move positions Kraken in direct competition with fintech super apps (Block's CashApp, PayPal's Venmo, SoFi, Robinhood, Chime) as crypto infrastructure becomes increasingly embedded in mainstream financial products. Kraken maintains its crypto-native identity while expanding its wallet share — the company has a Wyoming bank charter and became the first crypto firm to secure a Federal Reserve master account, connecting its banking subsidiary directly to U.S. payment rails.