Kraken launches crypto-backed debit card in US
Kraken has introduced its Krak Card in the U.S., a debit card allowing users to spend both traditional currency and digital assets at any Visa-accepting merchant.
The card, issued by Lead Bank in Kansas City, Missouri, supports over 600 currencies and provides up to 2% cash back on purchases. Stripe Issuing powers the U.S. launch, which follows its December debut in the U.K. and Europe, where the company reports over 135,000 cards have been issued.
How the card works
Users can load the card with multiple assets and set priority rules for spending. When a purchase is made, the system converts selected digital assets to U.S. dollars instantly. Cash-back rewards can be received as either traditional currency or crypto, based on user preference.
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A July survey of 2,000 U.S. adults, commissioned by the exchange and conducted by Morning Consult, showed 53% of respondents were interested in the card’s ability to provide immediate access to various assets. The multi-asset cash-back feature was a major draw.
“The Krak Card turns whatever people hold into money they can spend anywhere, and returns value as cash, not points,” said Arjun Sethi, co-CEO of Payward, Kraken’s parent company.
The card builds on the company’s existing Krak app, which enables peer-to-peer transfers in both fiat and cryptocurrency. The app now serves as the foundation for the debit card, letting users link balances directly for spending.
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Interest in crypto-backed payment tools continues to rise. Visa and Mastercard support over 130 similar programs worldwide.
The card eliminates a key barrier for crypto holders: converting digital assets into spendable cash without selling them first. When a user spends digital assets from their balance, Krak converts the assets to U.S. dollars in real time for settlement. The cardholder can also use a mix of assets to fund a purchase, while setting the order of priority and the ability to fence off certain currencies.
The card is available in physical and digital formats. With either version, users can store more than 600 currencies or digital assets and spend them at checkout, according to Kraken.
