Kraken’s payment app, Krak, has launched a multi-asset debit card in the US, allowing customers to spend crypto and fiat while earning up to 2% cashback in dollars or Bitcoin (BTC).
The card supports more than 600 currencies and assets, with holdings converted into US dollars at point of sale. A single purchase can draw from multiple balances, with users setting the order in which assets are spent, according to an announcement Tuesday.
The card is issued by Lead Bank on Visa’s network and powered by Stripe Issuing, with physical and virtual versions available to eligible US customers. The company said cashback rates depend on average assets held across Krak, Kraken and Kraken Pro.
Krak is positioning the card as an alternative to credit-based rewards programs. A Morning Consult survey of 2,001 US adults commissioned by Krak found that 42% of credit card holders worry about paying off their monthly balance, while 60% of respondents said they would switch to a debit card offering rewards without taking on debt.
Kraken’s consumer money and payments app has issued more than 135,000 multi-asset cards across the UK and European Economic Area since launching there in December 2025, the company said.
Payward eyes broader financial services push
Payward has set its sights on expanding its financial services product line.
Co-CEO of Kraken’s parent company, Arjun Sethi, discussed the broader strategy Tuesday at the Wyoming Blockchain Symposium, including its push into additional asset classes and financial services.
“As you start expanding into multiple asset classes, you’re just generally gonna be less susceptible to very specific markets,” Sethi said.
He added that Payward now offers banking services and described tokenization as “a large part” of the company’s broader effort to expand its financial offerings.
He also compared the company’s ambitions with those of major traditional financial institutions, saying the company needs to build products and services “not too different to a JP Morgan or a financial institution.”
Sethi’s comments come as major crypto exchanges broaden their businesses beyond spot crypto trading, with Coinbase and others expanding into equities, derivatives, prediction markets, tokenized assets and pre-IPO products.
Separately, Kraken on Tuesday launched trading in more than 7,000 US-listed stocks for customers in the European Economic Area (EEA).
