Kraken launches 'Krak' debit card in the UK and EU… crypto payments and cashback support

Global virtual asset (cryptocurrency) exchange Kraken has launched its financial app 'Krak' debit card for the UK and European Union (EU) region.

On the 25th (local time), The Block reported that the Krak debit card is Mastercard-based and is offered in physical and virtual card forms without foreign transaction fees or monthly fees. With this launch, Krak users can use held cash and virtual assets such as Bitcoin, Ethereum, and Solana simultaneously as payment methods. Users can set the usage proportion by asset in advance when making payments, and all payments receive 1% cashback.

Kraken also plans to sequentially introduce payroll deposit functionality and the DeFi-linked yield product 'Vaults' in the Krak app. Kraken said, "The goal is to expand Krak into an integrated financial app based on cash and virtual assets to support everything from everyday payments to asset management."

Meanwhile, Kraken recently secured $800 million in new investment and was valued at about $20 billion. According to the outlet, it has also filed a preliminary S-1 registration for a U.S. initial public offering (IPO).