Kraken announced that its newly launched Kraken Card will be distributed to eligible users in the United Kingdom and the European Economic Area, enabling them to spend crypto and fiat balances directly from their Kraken accounts while earning up to 2 % cashback.
Card Infrastructure and Funding Options
The debit card operates on Mastercard’s global network, which Kraken says reaches more than 200 countries and territories. Users can top up the card with any crypto or fiat asset held on the platform, and more than 600 currencies are available for instant conversion at the point of sale.
Cashback Mechanics
Cashback is settled weekly and can be received in Bitcoin, Euros, or British Pounds, with the card imposing neither transaction fees nor ATM withdrawal charges. The reward structure depends on a 30‑day rolling average of a customer’s combined Kraken, Kraken Pro, and Krak balances.
Reward Tier Details
Clients holding a total of €200 qualify for the Light tier and receive a 0.5 % cashback rate. Those with €1,000 reach the Pro tier and earn 1 % back, while a €10,000 balance unlocks the Elite tier with a 1.5 % rebate. A €50,000 balance places users in the Max tier, granting the full 2 % cashback, and new cardholders automatically start at this level for the first 30 days before settling into the appropriate tier.
Implications for the Crypto Market
By linking a traditional debit card to blockchain‑based assets, Kraken provides investors with a seamless bridge between crypto holdings and everyday spending. The feature is expected to stimulate demand for Kraken’s services, potentially boosting trading volume and enhancing the platform’s market position.