Kraken's payment application Krak launched a multi-asset debit card for eligible U.S. customers, enabling crypto and fiat spending with up to 2 percent cashback in dollars or Bitcoin.
The card supports more than 600 currencies and digital assets. At point of sale, holdings convert into U.S. dollars. Users configure the order in which assets are spent, and single purchases can draw from multiple balances.
Lead Bank issues the card on Visa's network, with Stripe Issuing providing underlying technology. Both physical and virtual versions are available.
Cashback rates depend on average assets held across Krak, Kraken, and Kraken Pro accounts—a structure designed to deepen engagement with Kraken's ecosystem.
Kraken's consumer money and payments app has already issued over 135,000 multi-asset cards across the United Kingdom and European Economic Area since December 2025, demonstrating traction for the card model.
The timing reflects Payward's—Kraken's parent company—broader push into financial services beyond exchange operations. Arjun Sethi, Payward co-CEO, said Tuesday at the Wyoming Blockchain Symposium: "As you start expanding into multiple asset classes, you're just generally gonna be less susceptible to very specific markets."
Sethi highlighted tokenization as central to broadening financial offerings and compared Payward's ambitions to traditional powerhouses, saying Kraken aims to build products "not too different to a JP Morgan or a financial institution."
On the same day, Kraken launched trading for more than 7,000 U.S.-listed stocks for customers in the European Economic Area, reinforcing aggressive diversification across global markets and asset classes.
