Kraken Challenges Traditional Rewards with Debit Card Innovation

Krak Debit Card Rewards Users with Cash or Bitcoin

The new debit card, launched by Kraken on August 18, 2026, is a departure from traditional rewards cards. Instead of offering points that can be redeemed for rewards, Krak's card pays users in actual money or Bitcoin.

This move puts Kraken directly into competition with other financial institutions like Block's CashApp, PayPal's Venmo, SoFi, Robinhood, and Chime. Arjun Sethi, co-CEO of Payward, the parent company of Kraken, emphasized the importance of trust in the financial system.

'People have lost trust in how the financial system treats them, in the rates they're paid, the fees they're charged, and how rewards actually work. They're right to,' Sethi said.