Kraken has officially launched its Mastercard debit card to eligible customers in the United Kingdom and the European Economic Area. The card, available in both virtual and physical versions — including a metal edition — allows users to spend more than 600 supported cryptocurrencies and fiat currencies directly from their Kraken accounts. It joins existing plastic and virtual options, furthering the exchange's push into everyday payments.
Cardholders earn up to 2% cashback, paid weekly in Bitcoin, Euros, or British Pounds. The cashback rate depends on a four‑tier system based on the 30‑day rolling average of combined balances across Kraken, Kraken Pro, and Krak: Light (€200 average) offers 0.5%, Pro (€1,000) 1%, Elite (€10,000) 1.5%, and Max (€50,000) the full 2%. New users automatically enjoy the Max tier for the first 30 days. Kraken charges no transaction fees or ATM fees of its own, and the card operates on Mastercard’s network, which reaches over 190 countries and 150 million merchants worldwide.
Users can prioritize which assets are spent first via a customizable spending queue, and they can toggle off any token they do not wish to use. A single payment can draw from multiple balances. The card is created inside the Kraken app and managed through Krak, the exchange’s dedicated money app that handles transaction history, cashback settings, and physical card orders. The virtual card works immediately with Apple Pay and Google Pay.
Regulatory oversight is split by region: in the UK, the card is issued by Monavate Limited and authorized by the Financial Conduct Authority under FRN 901097; in the EEA, it is issued by UAB Monavate under the Bank of Lithuania. Related e‑money wallets are provided by Payward Ireland Limited (regulated by the Central Bank of Ireland) and Payward Services Limited (FCA‑authorized). Kraken notes that the service is not covered by the UK’s Financial Services Compensation Scheme and that spending crypto may create a taxable event.
The launch builds on Kraken’s recent full MiCA and MiFID compliance in Europe and comes as the company overhauls its mobile app. CEO David Ripley described the partnership as a response to customer demand: “Our customers want to be able to easily pay for real-world goods and services with their cryptocurrencies or stablecoins.” Kamo Asatryan, Global Head of Consumer, added that the card “adds ‘spend’ to holding and trading.” Kraken has indicated plans to expand the card to the United States and other markets, though no timeline has been provided.
