Krak launches U.S. debit card with up to 2% cashback

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Krak launches U.S. debit card

Highlights

Krak launched the Krak Card in the U.S., offering up to 2% cashback in U.S. dollars or bitcoin, with reward rates scaling based on the value of assets held.
The Krak Card enables spending from over 600 currencies and crypto assets via automatic dollar conversion, and allows purchases split across multiple balances.
The U.S. launch follows the rollout of more than 135,000 multi-asset Krak cards across the UK and EEA since December 2025.

Card features and retail expansion

According to Payward, the new Krak Card offers up to 2% uncapped cashback in U.S. dollars or bitcoin, with reward levels rising based on the value of assets a customer holds. Rewards are paid as money rather than points, and the card allows users to spend from more than 600 currencies and assets through automatic conversion into U.S. dollars at checkout.

Customers can choose the order in which balances are spent and can split a single purchase across multiple asset balances. The U.S. launch expands Krak, a global money app created by the makers of Kraken, rather than the Kraken trading platform itself. The card is available in physical and virtual form through the Krak app.

Competitive pressure in U.S. fintech

The launch places Krak more directly in the U.S. consumer finance market alongside payments and fintech apps such as Cash App, PayPal's Venmo, SoFi, Robinhood and Chime. Beyond card usage, the product is designed to keep more of a customer's financial activity within the Krak app by combining payments, multi-asset balances and rewards.

The Krak Card is issued by Lead Bank pursuant to a Visa license, while Stripe Issuing powers the card for U.S. customers. Payward Co-CEO Arjun Sethi said many Americans have lost trust in financial products because of low rates, high fees and weak rewards, arguing that the card offers an alternative that rewards spending without requiring customers to take on debt.

Krak said more than 135,000 of its multi-asset cards have been issued across the UK and EEA since December 2025. Alongside the card, its U.S. offering includes global peer-to-peer payments, earning features for supported assets and Krak Concierge for hotel and travel bookings.

Our earlier coverage of the U.S. crypto regulatory backdrop explained that, with Congress stalled on digital-asset legislation, agencies like the SEC and CFTC are moving to define rules that could bring near-term clarity to the market. We also noted that these agency-led gains can be unstable, since future administrations or court challenges may reverse them—an uncertainty that matters as crypto platforms broaden into consumer-facing products.

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