Kraken Unveils Cash-Back Debit Card and Stock Trading for Mainstream Consumers

Crypto exchange Kraken has launched a cash-back debit card in the US, targeting mainstream consumers alongside its traditional base of crypto-native traders and institutions. The Krak Card offers up to 2% cash or Bitcoin back on purchases, with rewards scaling based on users' holdings with the exchange.

The card's launch comes as Kraken expands its product suite across multiple fronts. It has introduced direct trading in over 7,000 US-listed stocks for customers across the European Economic Area, making it the only crypto-native exchange offering both traditional equities and tokenized versions of some shares.

Kraken's parent company Payward has stated that the exchange aims to capture a larger share of each customer's financial activity by retaining deposits, driving spending, and keeping more assets on its platform. This approach differs from traditional debit cards, which typically generate revenue through interchange fees.