Kraken’s payments app, Krak, has officially launched a crypto debit card in the United States, marking a major expansion from its existing service in the United Kingdom and the European Economic Area. The card was developed in partnership with Stripe Issuing and is issued by Lead Bank on Visa’s network, allowing users to spend at any merchant that accepts Visa.
The Krak Card supports more than 600 currencies and crypto assets. At the point of sale, selected holdings are automatically converted into U.S. dollars, enabling seamless transactions without requiring merchants to accept crypto directly. Users can set the order in which their assets are drawn down and can even split a single purchase across multiple balances.
The card offers up to 2% cashback paid in U.S. dollars or Bitcoin. The cashback rate scales based on the total value of assets a customer holds across Krak, Kraken, and Kraken Pro. Kraken says the product is designed as a debit alternative to credit rewards, citing a survey of more than 2,000 U.S. adults in which 60% of respondents said they would switch to a debit card that offered meaningful rewards without requiring debt.
Kraken previously launched multi-asset cards in the UK and European Economic Area in December 2025 and now reports more than 135,000 active cards across those regions. The U.S. launch places Krak in direct competition with fintech apps including CashApp, Venmo, SoFi, Robinhood, and Chime, as well as crypto exchange offerings from Coinbase and Binance.
The move is part of a broader push by Kraken’s parent company, Payward, into financial services. Co-CEO Arjun Sethi said at the Wyoming Blockchain Symposium that expansion into multiple asset classes makes the company less susceptible to specific markets. Kraken already holds a Wyoming bank charter and earlier became the first crypto company to secure a Federal Reserve master account. On the same day as the card launch, Kraken also began offering trading in more than 7,000 U.S.-listed stocks to customers in the European Economic Area.
