Crypto18 August, 20262 min read
Kraken Launches Krak Card Cash-Back Debit Card for U.S. Customers With Up to 2% Rebates
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Krak launches US multi-asset Visa debit card enabling crypto and fiat spending. Offers up to 2% cashback in cash or BTC.
Krak Card Launches
Kraken launched its Krak Card, a cash-back debit card in the United States, as the company’s move from crypto trading into everyday consumer finance. CNBC said the card is issued by the affiliate money app of the same name and offers up to 2% cash or bitcoin back, with the rate increasing based on the value of assets a customer holds. The card is designed to let customers spend directly from more than 600 currencies and crypto assets, automatically converting balances into dollars at the point of purchase, and users can set the order in which their assets are spent.
DiarioBitcoin said the Krak Card is a Visa debit card that allows spending in dollars, Bitcoin, USDC, and more than 600 assets from a single account, with up to 2% cashback in cash or BTC. DiarioBitcoin also reported that the Krak Card has been available in the United States since August 18, 2026.
Rewards, Surveys, Competition
Kraken’s parent company Payward framed the launch around consumer distrust, with Arjun Sethi telling CNBC, "People have lost trust in how the financial system treats them, in the rates they're paid, the fees they're charged, and how rewards actually work." Sethi added, "The Krak Card turns whatever people choose to hold into money they can spend anywhere, and pays the value back as cash, not points," as the card positions rewards as real money rather than points. CNBC reported that a national survey of more than 2,000 U.S. adults commissioned by Krak found 63% of Americans say they feel financially behind and 60% would switch to a debit card that offers meaningful rewards without requiring them to take on debt.
Cointelegraph said the multi-asset card supports more than 600 currencies and assets and that a single purchase can draw from multiple balances, with users setting the order in which assets are spent. Cointelegraph also said the card is issued by Lead Bank on Visa’s network and powered by Stripe Issuing, with physical and virtual versions available to eligible U.S. customers.
Ecosystem Stakes Ahead
CNBC said Kraken offers the card through a partner bank, which issues the card and is subject to U.S. limits on debit card interchange fees, constraining how much transaction revenue is available to support rewards. CNBC reported that Kraken is likely more interested in increasing the amount of each customer’s financial life it can capture, using the new debit card to retain deposits, drive spending and keep more customer assets on its platform. Cointelegraph said Kraken’s consumer money and payments app has issued more than 135,000 multi-asset cards across the UK and European Economic Area since launching there in December 2025.
Cointelegraph also reported that Kraken’s parent company Payward discussed its broader strategy Tuesday at the Wyoming Blockchain Symposium, including its push into additional asset classes and financial services. DiarioBitcoin said the launch positions Kraken in closer competition with platforms like Cash App, Venmo, Robinhood, SoFi and Chime as the company aims to bring crypto and payments closer together.