Kraken Enters Consumer Finance Space with Cash-Back Debit Card

Kraken, a leading crypto exchange, has launched its cash-back debit card in a bid to enter the consumer finance space. This move marks a strategic shift for the company, which has traditionally focused on pure crypto trading.

The new debit card offers cash-back rewards and is designed to work like any other rewards debit card, but with the added benefit of being backed by a crypto exchange's infrastructure.

This move puts Kraken in direct competition with Coinbase and traditional fintech players such as Cash App at a time when crypto firms are racing to prove they can do more than facilitate speculative trading.