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Kraken expands Krak offering to challenge legacy finance, neobanks

Tuesday, November 25, 2025 — 16:59:26 (UTC)

Nov 25, 2025 9:00 AM Eastern Standard Time

With multi-asset transactions via debit cards, competitive 1% cash back rewards, salary deposits, and expanded wealth tools, Krak provides customers with the tools to leave their bank behind and go all-in on crypto

LONDON & DUBLIN--(BUSINESS WIRE)--Kraken, one of the world’s longest-standing, most secure and most liquid crypto platforms, today announced the phased rollout of the Krak Card with 1% cash back rewards on all purchases, alongside new features, such as salary deposits and expanded wealth-building opportunities.

“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." - Share

Combined, these upgrades help customers experience the opportunities within digital assets, bringing them closer to replacing their traditional bank with a modern, multi-asset alternative built for the modern digital economy.

Krak Cards: Redefining Spending With Greater Control and Competitive Rewards

As part of a phased global rollout, Krak will first offer its innovative Krak debit cards to users across the UK and EU, with additional markets to follow in the coming weeks. Available in two distinct color options and in both physical and virtual formats, the Krak Card delivers instant spending using multiple balances with no FX or monthly fees. With 1% cash back on every purchase, paid in either the local fiat currency or Bitcoin, Krak is positioned to deliver one of the most compelling card experiences in the UK and Europe.

Powered by Mastercard’s global payments network, the Krak Card extends multi-asset spending capabilities to more than 400 crypto and fiat assets supported in the Krak app, instantly converting portfolios into practical, seamless everyday spending power.

For example, a £100 purchase could be covered with £80 from a cash balance and the remaining £20 from a secondary asset, such as Bitcoin, Ethereum, or Solana, with instant real-time currency conversion at checkout. Krak users can preset which assets are used first and exclude specific holdings from payments, giving them greater flexibility and control.

“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,” said Mark Greenberg, Global Head of Consumer at Kraken. “From groceries to getaways, the Krak Card makes value move freely, no matter who you are or how you choose to store your money.”

Growing Wealth with Vaults

Since day one, Krak has focused on delivering tangible value to users, enabling instant transfers across more than 160 countries and offering up to 3.6% yield opportunities on eligible assets.

The introduction of Vaults will build on this foundation, empowering access to the world of DeFi, transforming idle assets into daily earnings through seamless integrations with independently audited lending protocols that seek to offer returns of up to 10+% APY. With Vaults, Krak customers can soon tailor their growth strategy to match their individual risk profile, unlocking more choice, greater flexibility, and more competitive rewards than legacy financial institutions can provide.

To further streamline access to the Krak ecosystem, salary deposits will soon be rolled out for UK and EU-based customers, removing barriers between getting paid, growing your wealth, and spending with Krak. This feature will be expanded to Krak customers in additional markets over the coming months.

Building Krak on Strong Foundations

The Krak Card launch is a major milestone in Kraken’s European growth strategy, underpinned by Kraken’s robust network of banking partners and crypto-native infrastructure.

Kraken’s rapidly expanding user base across the UK and EU is also testament to the company’s growing regulatory strength, following the full activation of its Markets in Crypto-Assets Regulation (MiCAR) license, authorized by the Central Bank of Ireland. This license provides regulated access to offer crypto services across the European Economic Area, reinforcing Kraken’s long-term commitment to compliance and leadership across Europe.

In the UK, Kraken has deep roots dating back to 2013, becoming one of the largest and longest-standing FCA-registered platforms serving local clients with a broad suite of crypto products for over a decade.

Looking Ahead

The Krak app represents a significant opportunity for Kraken to expand beyond crypto-native customers and tap into the convergence of traditional and decentralized finance.

Since its debut in June 2025, the Krak app has been downloaded over 450,000 times in over 130 countries, signaling strong early momentum. The launch of Krak Cards is expected to accelerate this growth, attracting a new wave of clients seeking a primary financial account with true financial flexibility and compelling rewards. By positioning Krak as a standalone brand, Kraken is primed to challenge traditional banking and payments while building the foundations of a household fintech name.

In the months ahead, Kraken will continue enhancing the Krak ecosystem with exciting new features, including credit products, additional card options, enhanced merchant rewards, simplified onboarding, and broader support for assets to make daily payments with. These upgrades further empower Krak customers to send, grow, and spend money in an open, borderless, rapidly evolving financial system.

About Kraken

Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms globally. Kraken clients trade more than 500 digital assets, traditional assets such as U.S. futures and U.S.-listed stocks and ETFs, and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Trusted by millions of institutions, professional traders and consumers, Kraken is one of the fastest, most liquid and performant trading platforms available.

Kraken’s suite of products and services includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken’s onchain offerings and the Ninja Trader retail trading platform. Across these offerings, clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access advanced trading, derivatives, and portfolio management tools.

Kraken has set the industry standard for transparency and client trust, and it was the first crypto platform to conduct Proof of Reserves. It complies with regulations and laws applicable to its business, while actively protecting client privacy and maintaining the highest security standards.

For more information about Kraken, please visit www.kraken.com.

Contacts Media contact: Lauren Post press@kraken.com

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Source: Company press release.

Categories: Announcement