Kraken Unveils Krak Card: A Crypto-Friendly Debit Card for the Masses

Kraken, a leading crypto exchange, has launched a new U.S. debit card called the Krak Card. The card allows users to spend from over 600 currencies and crypto assets while earning rewards in cash or Bitcoin.

The Krak Card offers up to 2% back in cash or Bitcoin on spending, with rewards scaling based on the value of assets held by customers. This means that as users hold more assets on the platform, their rewards will increase.

Kraken's co-CEO Arjun Sethi explained that many Americans have lost trust in financial products due to low rates, high fees, and weak rewards. He believes that the Krak Card addresses this demand for more meaningful benefits without adding debt.

The launch marks a broader push by Kraken to move beyond its traditional base of institutions and professional traders. The company aims to compete with other fintech apps such as CashApp, Venmo, SoFi, Robinhood, and Chime.