Well Kraken sure isn’t taking long to put its warchest to work.

Just days after it raised $800 million with stated plans to expand beyond crypto, digital asset exchange operator Kraken has announced that it is introducing the phased rollout of the new Krak Card, with 1% cash back rewards on all purchases, alongside new features, such as salary deposits and expanded wealth-building opportunities.

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 Account

With a blog post entitled Say goodbye to your bank: make Krak your everything account, Kraken was quite clear with its intentions in reimagining what a primary account can be. With Krak, your financial life lives in one place — designed to move with you, across borders, currencies and time zones.

Starting today, Krak users in the UK and EU can unlock the next generation of personal finance: a complete account experience built around three simple ideas — Spend, Send, and Grow.

Krak Card

As part of a phased global rollout, Kraken 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.”

With Krak you can also send funds to anyone, anywhere. Whether that’s splitting a dinner bill with a friend, paying a freelancer across borders or transferring between your own bank accounts.

You’ll be able to transfer cash, stablecoins or crypto with a single tap — instantly with any other Krak customers without waiting days for settlement or worrying about high exchange rates.

Krak Vaults

Kraken, which recently filed for an IPO in the US, also said that coming soon it will unveil Krak Vaults, the simplest way to put your assets to work; automatically, continuously. No minimums, no lockups. Just market-leading returns paid continuously as your vault compounds around the clock.

You can choose from flexible, risk-adjusted Vaults that match your comfort level:

• Balanced Yield | Up to 5.5% APY — For users who want steady growth with lower risk.
• Boosted Yield | Up to 9.5% APY — For users comfortable with moderate risk and seeking higher returns.
• Advanced Strategies | Up to 10%+ APY — For experienced users ready to manage core risks applying leverage for highest returns.

Since day one, Kraken said it 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.

UK/EU expansion

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.

In the months ahead, Kraken said it 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.

Krak Card issuers

Krak Card is issued by Monavate (Company Number: 12472532) authorised in the UK by the Financial Conduct Authority to issue electronic money (e-money) and provide payment services (Firm Reference Number 901097).

In the EEA; the Card is issued by Monavate UAB (Company No. 305628001, authorised in Lithuania by the Bank of Lithuania to issue electronic money (e-money) and provide payment services (license number 92).