Kraken’s Krak Card Offers 1% Bitcoin Cashback for UK and EU Users

TLDR

• Kraken has launched its Bitcoin rewards debit card, the Krak Card, for users in the UK and EU.
• The Krak Card offers 1% cash back on every purchase, with rewards available in Bitcoin or local fiat currency.
• Users can pay globally with over 400 supported assets at Mastercard-accepting merchants.
• Kraken’s app allows users to set spending orders for their assets, ensuring smooth transactions even when balances are insufficient.
• The card comes with no monthly or annual fees but includes a spread fee when assets are converted to complete transactions.

Kraken has unveiled its Bitcoin rewards debit card, the Krak Card, for users in the UK and EU. The card operates on the Mastercard network and offers 1% cash back on every purchase. Users can choose to receive rewards in Bitcoin or local fiat currency.

Bitcoin Rewards and Flexible Spending

The Krak Card connects directly to a user’s spending balance in the Krak app. It supports over 400 assets, including Bitcoin, Ethereum, and Solana, allowing users to pay at any Mastercard-accepting merchant. The card enables users to set a spending order, choosing which currencies to spend first.

Users can purchase goods even if their Bitcoin balance is insufficient. In such cases, the app automatically pulls funds from other balances, such as Solana or Ethereum. This system ensures transactions are always completed, even with a shortfall in one asset.

No Fees, but Spread Fee Applies

Kraken has announced that the Krak Card comes with no monthly or annual fees. However, users may incur a spread fee when converting assets to complete a transaction. This fee applies only when an asset sale is necessary to cover the purchase amount.

Kraken’s decision to eliminate regular fees highlights its focus on providing accessible financial tools. The card is expected to roll out to more regions soon, expanding its availability beyond the UK and EU. Kraken plans to add further card options, including credit products and enhanced rewards, in the future.

Plans for Global Expansion and New Features

Kraken has confirmed its ambition to bring the Bitcoin rewards card to U.S. users. The firm is also considering introducing new features to make the card offering more appealing. “We aim to rapidly expand this offering to U.S. Kraken users and add additional features,” a Kraken representative said.

Kraken debuted the Krak App in June, which has already been downloaded over 450,000 times. The app competes with popular peer-to-peer payment services like Venmo and Cash App. Kraken continues to innovate in the crypto space and has plans for further growth.

Kraken’s Financial Milestones

In recent developments, Kraken filed an S-1 form to go public, signaling a potential IPO. The company also raised $800 million, valuing it at $20 billion ahead of its public debut. Kraken’s latest Bitcoin rewards product comes at a time when other crypto exchanges, such as Coinbase and Gemini, have launched similar offerings.

The Kraken Bitcoin rewards card is one of the latest moves in Kraken’s strategy to expand its financial products. It provides an easy entry point for users looking to combine crypto with everyday spending. As the firm expands its offerings, more users can expect to benefit from its services in the near future.

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Source: https://blockonomi.com/krakens-krak-card-offers-1-bitcoin-cashback-for-uk-and-eu-users/