Key facts
- Kraken's payment app, Krak, has launched a multi-asset debit card in the US.
- The card allows users to spend crypto and fiat, earning up to 2% cashback in USD or BTC.
- It supports over 600 currencies and assets, converting them to US dollars at the point of sale.
- The card is issued by Lead Bank on Visa's network and powered by Stripe Issuing.
- Kraken's parent company, Payward, is expanding its financial services, including banking and tokenization.
- Kraken also launched trading in over 7,000 US-listed stocks for European customers.
Kraken's payment app, Krak, has launched a multi-asset debit card in the United States, enabling customers to spend both cryptocurrency and fiat currencies while earning cashback rewards. The card supports over 600 different assets, which are converted to US dollars at the point of sale. Users can set the order in which their various balances are drawn from for a single transaction.
The card is issued by Lead Bank and operates on the Visa network, powered by Stripe Issuing. Both physical and virtual versions are available to eligible US customers. The cashback rate, which can be up to 2% in dollars or Bitcoin, is dependent on the average assets held across Krak, Kraken, and Kraken Pro.
Krak is positioning the card as an attractive alternative to traditional credit card rewards programs, citing survey data that suggests a significant portion of consumers worry about credit card debt and would prefer rewards from a debit card. This launch follows Kraken's previous success with over 135,000 multi-asset cards issued in the UK and European Economic Area since December 2025.
This move is part of a broader strategy by Kraken's parent company, Payward, to expand its financial services. Co-CEO Arjun Sethi highlighted the company's ambition to offer a wider range of products, including banking services and tokenization, aiming to become a comprehensive financial institution comparable to traditional players like JP Morgan. This expansion mirrors trends seen across major crypto exchanges, which are diversifying beyond spot trading into areas like equities, derivatives, and tokenized assets.