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Kraken is rolling out a Mastercard debit card for Krak with 1 percent cashback
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The Krak app adds salary deposits, multi-asset spending, and new DeFi-linked Vaults
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Krak aims to become a primary bank alternative for global users
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Kraken’s valuation reached $20 billion as it prepares for a U.S. IPO
Krak Takes Aim at Banks and Neobanks
Kraken is expanding Krak, its global money app, into a full bank alternative with a new cashback debit card, salary deposit features, and high-yield Vaults. The company says its goal is to let users move beyond traditional banking while keeping everyday payments simple.
Krak already supports more than 400 cash and crypto assets across 160 countries. Kraken says the app has been downloaded over 450,000 times since June.
Multi Asset Debit Card With 1 Percent Cashback
The Krak Mastercard debit card will launch first in the UK and EU. Users can spend from multiple assets at checkout, mixing fiat and crypto balances in real time with no FX or monthly fees.
Every purchase earns 1 percent cashback paid in fiat or bitcoin. Kraken emphasized that rewards are simple, uncapped, and fully spendable, distinguishing the product from points-based or restricted crypto card programs.
The card also supports global ATM access with no ATM fee.
Onchain Vaults Offer Up to Double Digit Yield
Krak is introducing audited DeFi Vaults that allow users to earn yield through curated lending strategies. Returns can exceed 10 percent APY depending on the user’s chosen risk tier. Funds can be moved in and out instantly within the app.
Salary deposits will soon be available for UK and EU users, giving them local account numbers or IBANs. Future automation may convert part of each paycheck into stablecoins or bitcoin or route it directly into a Vault.
Regulatory Foundations and IPO Momentum
Kraken stressed that Krak is not a bank and therefore does not provide deposit insurance, but said fiat funds are held one to one in safeguarded accounts at regulated banks. Stablecoins provide an additional transparency layer.
The expansion comes as Kraken strengthens its European regulatory footprint under MiCA and prepares to launch new credit products, merchant tools, and expanded asset support.
The company recently raised $800 million in two months, including a $200 million strategic investment from Citadel Securities. Kraken is now valued at $20 billion and has confidentially filed for a U.S. IPO.
