Kraken Launches Cashback Debit Card in Bitcoin and Dollars

Kraken, a popular cryptocurrency exchange operator, has announced the Krak Card, a debit card that offers cashback in both traditional U.S. dollars and Bitcoin.

The card provides cashback ranging from 0% to 2%, depending on the user's total holdings across the Kraken network, on every purchase.

This is not the first crypto cashback card on the market, but it is an interesting development in the payment card industry.

Kraken's timing was fortuitous, as the company announced its product just after Treasury Secretary Scott Bessent said the Treasury would double its regular repurchases of long-term government debt securities, pushing down bond yields and increasing demand for riskier assets like cryptocurrencies.