Kraken's Krak Launches US Debit Card With 2% Crypto Cashback
Summary
Krak, Kraken's consumer payments app, launched a multi-asset debit card in the US, letting customers spend crypto and fiat while earning up to 2% cashback in dollars or Bitcoin. The card supports over 600 assets, converts holdings to USD at point of sale, and is issued by Lead Bank on Visa's network with Stripe Issuing. This is the first US rollout after 135,000 cards issued in the UK and EEA since December 2025. The move deepens Payward's push into traditional financial services, following its Q2 revenue of $508 million and recent expansion into tokenized equities and CFTC-regulated futures. Co-CEO Arjun Sethi framed the strategy as building products 'not too different to a JP Morgan,' signaling a direct challenge to incumbent banks. Separately, Kraken launched trading in over 7,000 US-listed stocks for EEA customers, broadening its asset-class footprint.
This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Cointelegraph.