Kraken Debuts Debit Card to Let Customers Pay in Crypto

Cryptocurrency exchange Kraken has unveiled a debit card for customers in the United Kingdom and the European Economic Area, bridging the gap between digital asset holdings and everyday spending.

The Kraken Card was announced on July 13 and is available in both physical and virtual formats. It runs on the Mastercard network and can be used at any merchant that accepts Mastercard, both online and in physical stores.

How the Kraken Card Works

The card is designed to function as an extension of a user's Kraken account. Customers can fund it from any crypto or fiat balance they hold on the platform, and spending is processed by converting the chosen currency into the merchant's local currency in near real-time at the point of purchase. The card supports over 600 crypto and cash currencies.

Kraken is offering up to 2% cash back on all purchases, paid out in bitcoin, euros, or pounds. The company says there are no Kraken transaction fees or ATM withdrawal fees associated with the card.

The launch follows an earlier Kraken debit card product called the Krak Card, which was introduced last year and offered 1% cash back rewards. The new card represents an upgrade in rewards and functionality.

The broader crypto card payment landscape remains complex. WalletConnect CEO Jess Houlgrave noted in a March interview that merchant adoption requires seamless integration. "Accepting a crypto payment is not super simple," she said, pointing to the need for connectivity, wallet infrastructure, settlement, conversion, and liquidity systems. Houlgrave added that most merchants prefer a simple, dashboard-based toggle to enable crypto acceptance without altering their accounting processes.

Kraken's new card aims to simplify crypto spending for its customers while positioning the exchange as a more integrated financial services provider.