Crypto platform Kraken has introduced the Krak Card, a multi-asset debit card for both fiat and crypto payments.
The initial rollout will occur in the UK and Europe, with plans to expand into additional markets in the coming weeks. Powered by Mastercard’s global payments network, the Krak Card enables spending with over 400 supported crypto and fiat assets in the Krak app. Users can choose which assets to utilize first and can even exclude certain holdings from transactions.
The card also offers a one percent cash-back reward on all purchases, which can be received in local fiat currency or bitcoin.
Mark Greenberg, global head of consumer at Kraken, stated, “To us, everything is money. You should be able to use whatever assets you hold to pay for everyday goods and services in the digital era we live in. The Krak Card makes value move freely, no matter who you are or how you choose to store your money.”
Additionally, the Kraken app, which currently serves 450,000 users, will be upgraded to facilitate salary deposits and provide yield-bearing opportunities for idle assets.