MV Capital - Krak Rolls Out Multi-Asset US Debit Card Amid Payward Expansion

Kraken’s consumer app Krak introduces a Visa debit card for US users that supports spending from over 600 crypto and fiat assets with cashback options

Kraken’s consumer payments app Krak has launched a multi-asset debit card for eligible customers in the United States. The card enables spending from crypto and traditional currency holdings while offering cashback rewards, marking a further step in the company’s move into everyday financial products.

How the Card Operates

The debit card supports more than 600 currencies and digital assets. When a purchase is made, selected holdings are converted into US dollars at the point of sale. Users can configure the order in which balances are drawn, allowing a single transaction to pull from multiple accounts as needed.

Both physical and virtual versions of the card are available. It is issued by Lead Bank on the Visa network and uses Stripe Issuing for program infrastructure.

Key features include multi-asset spending with user-defined order, conversion to USD at checkout, and availability of physical plus virtual cards for eligible US customers.

Cashback Structure and Rewards Focus

Cardholders can earn up to 2 percent cashback, paid in either US dollars or Bitcoin. The applicable rate depends on the average assets held across Krak, Kraken, and Kraken Pro accounts.

Krak is presenting the product as a rewards option that avoids credit balances. A Morning Consult survey of 2,001 US adults commissioned by the company found that 42 percent of credit card holders worry about paying off their monthly balance. The same survey reported that 60 percent of respondents would switch to a debit card that provides rewards without requiring debt.

Prior Rollout and Scale

The US launch follows an earlier introduction in other markets. Krak has already issued more than 135,000 multi-asset cards across the United Kingdom and the European Economic Area since the product debuted there in December 2025.

Broader Financial Services Strategy

The card forms part of a wider expansion by Payward, the parent company of Kraken and Krak. Co-CEO Arjun Sethi addressed the company’s direction during remarks at the Wyoming Blockchain Symposium.

As you start expanding into multiple asset classes, you’re just generally gonna be less susceptible to very specific markets.Arjun Sethi, Co-CEO of Payward

Sethi described tokenization as a large part of Payward’s effort to widen its financial offerings. He stated that the company needs to build products and services not too different from those of a major traditional institution such as JP Morgan. Payward already offers banking services alongside its crypto-related products.

In a separate development, Kraken launched trading access to more than 7,000 US-listed stocks for customers in the European Economic Area. These moves align with a pattern among larger crypto platforms that are extending beyond spot trading into additional asset classes and consumer financial tools.