The Mastercard-backed debit card lets qualifying customers spend crypto or fiat from their Kraken accounts, with tiered cashback of up to 2% and more markets planned.
Kraken has begun issuing its recently launched debit card to eligible customers in the UK and the EEA, allowing them to spend crypto and cash balances directly from their Kraken accounts through Mastercard’s network. The exchange said the card supports funding from fiat or crypto holdings, with more than 600 currencies available for conversion at the point of sale, and offers weekly cashback paid in Bitcoin, euros or pounds. The advertised maximum 2% cashback depends on a four-tier rewards system tied to a customer’s 30-day rolling average balances across Kraken, Kraken Pro and Krak. Reward rates range from 0.5% at €200 to 2% at €50,000, while new cardholders receive the top tier for their first 30 days before shifting to the level supported by their balances. Customers can set a spending queue for which assets are used for purchases, disable selected tokens from being spent, and complete a single payment using more than one balance. Card creation is requested in the Kraken app and managed in Krak, the company’s separate money app, with virtual card support available immediately through Apple Pay and Google Pay. In the UK, the card is issued by Monavate Limited under FCA authorization for electronic money activities, while in the EEA it is issued by UAB Monavate under authorization from the Bank of Lithuania. Kraken said cards for additional markets, including the United States, are on the way, though no timeline was provided.