Kraken’s Krak has launched a debit card in the U.S. that lets customers spend crypto and cash directly without using credit.
The card supports more than 600 currencies and digital assets and offers up to 2% cashback in dollars or Bitcoin. Krak converts selected assets into dollars when customers make purchases, while allowing them to set the order in which balances are used. A single transaction can also draw from multiple balances.
Lead Bank issues the card through Visa, while Stripe Issuing provides the underlying infrastructure.
Kraken Expands Its Payments Push
Cashback rates are based on customers’ average assets held across Krak, Kraken and Kraken Pro. Kraken said users in the UK and European Economic Area already hold more than 135,000 cards.
Related: Bitget Expands Tokenized Stock Offering With Fixed Coupon Notes
Krak is targeting consumers who want rewards without taking on debt. A Morning Consult survey found that 60% of respondents would consider a rewards debit card that does not require borrowing.
Tokenized Stocks Add Another Angle
The launch comes as crypto firms expand into traditional financial products. Coinbase is preparing tokenized US stocks for eligible customers outside the US, with the products expected to support onchain trading and dividends.
The moves show how crypto companies are increasingly using blockchain technology to connect digital assets with traditional markets.
Related: Metaplanet Makes $135M US Bet to Build New Bitcoin Treasury Hub
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