Kraken has begun issuing a Mastercard debit card across the UK and EEA, with weekly cashback and support for more than 600 currencies.
Kraken has announced that it will start issuing a debit card to eligible customers across the UK and the EEA, allowing them to spend crypto and fiat balances held in their Kraken accounts and to earn up to 2% weekly cashback. The US-based cryptocurrency exchange said the card runs on Mastercard's network, giving European customers a way to convert and spend their holdings at Mastercard merchants worldwide. A launch in the US has been signalled but not dated.
The card can be funded from any crypto or fiat balance a customer holds, with more than 600 supported currencies converted at the point of purchase. Kraken reportedly charges no transaction or ATM fees of its own, and cashback is paid weekly in Bitcoin, euros, or pounds. According to Kraken, Mastercard's network reaches more than 200 countries and territories.
Cashback tiers tied to account balances
The advertised 2% cashback rate is not applied automatically. Kraken has set four reward tiers based on the 30-day rolling average of a customer's combined Kraken, Kraken Pro, and Krak balances. The entry tier at EUR 200 earns 0.5%, the next at EUR 1,000 earns 1%, a third at EUR 10,000 earns 1.5%, and the top tier at EUR 50,000 earns the full 2%. New cardholders are placed in the top tier for their first 30 days, after which they settle into whichever tier their month-end balance supports.
Customers can also decide which token balances are used for purchases, ranking assets into a spending queue and toggling off any they do not want assessed at checkout. A single payment can draw on more than one balance at once.
Card managed through the separate Krak app
Cardholders request the card within the Kraken app and manage it through Krak, the company's separate money app, which uses the same login credentials as the exchange. Krak handles transaction history, cashback settings, and physical card orders. The card is also available as a virtual card for immediate use with Apple Pay or Google Pay.
A company official described the card as a way to close the gap between holding money and spending it, adding that customers should not have to think about where their funds sit before using them.
Regulation and planned expansion
Issuance and regulation differ by location. In the UK, the card is issued by Monavate Limited, authorised by the FCA for electronic money activities. In the EEA, it is issued by Lithuania-based UAB Monavate under authorisation from the Bank of Lithuania. Kraken has noted that the services are not covered by the UK's Financial Services Compensation Scheme, and that spending crypto can create a taxable event when assets are converted to fiat.
The launch follows Kraken securing full MiCA and MiFID compliance in Europe as the EU's crypto rules took effect. The company has said cards for further markets, including the US, are planned, though no timeline has been given.
