Kraken Unveils Multi-Asset Debit Card in US, Expanding Financial Services Push

Kraken has launched its multi-asset debit card in the US through its payment app Krak. The card allows customers to spend crypto and fiat while earning up to 2% cashback in dollars or Bitcoin. It supports more than 600 currencies and assets, with holdings converted into US dollars at point of sale.

A single purchase can draw from multiple balances, with users setting the order in which assets are spent. The card is issued by Lead Bank on Visa's network and powered by Stripe Issuing, with physical and virtual versions available to eligible US customers.

Krak is positioning the card as an alternative to credit-based rewards programs. According to a Morning Consult survey of 2,001 US adults commissioned by Krak, 42% of credit card holders worry about paying off their monthly balance, while 60% of respondents said they would switch to a debit card offering rewards without taking on debt.

Kraken's parent company, Payward, has set its sights on expanding its financial services product line. Co-CEO Arjun Sethi discussed the broader strategy at the Wyoming Blockchain Symposium, including its push into additional asset classes and financial services. He noted that as you start expanding into multiple asset classes, 'you're just generally gonna be less susceptible to very specific markets.'

Payward now offers banking services and tokenization is described as a large part of the company's broader effort to expand its financial offerings.