Kraken is launching a cashback U.S. debit card as part of its effort to integrate crypto into mainstream financial services.
The card, known as the Krak Card, offers up to 2% cashback in cash or Bitcoin, with the rate increasing based on the value of assets held by the user. Rewards are paid directly as money rather than points.
The card allows users to spend directly from more than 600 currencies and crypto assets, automatically converting selected balances into dollars at the time of purchase.
Users can customize the order in which their assets are spent and have the option to split a single purchase across multiple balances.
This move positions Kraken in direct competition with major payments and fintech platforms such as CashApp, Venmo, SoFi, Robinhood, and Chime.
It reflects the growing trend of crypto becoming embedded within the broader financial ecosystem, with industry players vying to serve as the distribution layer for a wider range of financial products.
Source (CNBC)
