Kraken launches debit card for eligible users in the UK and EEA

Launch details

According to Kraken, the card links a customer’s crypto and cash balances to retail spending online and in stores. The company said the product supports spending from more than 600 crypto and cash currencies, with conversion taking place in near real-time when a purchase is made.

Kraken said cardholders can fund purchases from crypto or fiat balances held in their account. It also said a single payment can draw from more than one balance at once, allowing users to choose what they want to spend and what they want to keep invested.

Fees and rewards

The company is marketing the card with up to 2% cashback on purchases, paid weekly in Bitcoin, euros or pounds. Kraken said it does not charge transaction fees or ATM fees on the card, though the source material notes that third-party ATM fees may still apply.

The company also said a variable spread will apply when spending across assets. It added that the cashback rate depends on average assets held with Kraken, Kraken Pro and Krak, and that terms and conditions apply.

How the card works

Customers can order the debit card from within the Kraken app. Kraken said card management, including transaction history, cashback settings and physical card ordering, is handled through its Krak global money app, which uses the same login as a Kraken account. Users can choose either a physical or virtual card, with the virtual option available for those who want to start spending immediately.

Kraken said the card runs on Mastercard’s payments network, which it described as covering more than 200 countries and territories worldwide.

Availability and regulatory disclosures

For now, Kraken said the card is open to eligible customers in the UK and EEA. The company added that it plans to launch Kraken Cards in additional markets, including the United States, soon.

In the UK, the card is issued by Monavate Limited, which the source article says is authorised by the Financial Conduct Authority for electronic money activities and related payment services. In the EEA, the card is issued by UAB Monavate, authorised by the Bank of Lithuania, according to Kraken.

The source article also states that Payward Services Limited is authorised by the UK Financial Conduct Authority for electronic money activities and related payment services, while Payward Ireland Limited and Payward Europe Solutions Limited, trading as Kraken, are regulated by the Central Bank of Ireland. Kraken noted that some services are unregulated and not covered by the Financial Services Compensation Scheme.

Kraken also flagged tax and risk considerations in its announcement. It said spending crypto may be a taxable event because conversion to fiat can create capital gains or losses, and noted that cryptoasset values can rise or fall.

The launch expands Kraken’s consumer product lineup beyond trading, savings and transfers into day-to-day payments. The company framed the card as part of a broader effort to combine storing, moving and now spending money within a single account experience, while indicating that further launches in other markets are planned.