Kraken has announced that it would start issuing its recently launched debit card to eligible customers in the UK and the EEA, letting them spend crypto and cash balances straight from their Kraken accounts and earn up to 2% cashback. 

The Kraken Card runs on Mastercard’s network, which Kraken says reaches more than 200 countries and territories. Cardholders can fund it from any crypto or fiat balance they hold, with more than 600 supported currencies available to be converted at the point of purchase, according to Kraken’s product blog.

Cashback is paid weekly in Bitcoin, Euros, or Pounds, and the exchange charges no transaction fees or ATM fees of its own.

Kraken Card is here.

Built with @Mastercard. For you to spend what you trade.

Up to 2% cashback in BTC or cash. Zero fees. 600+ currencies.

Get your Kraken Card: https://t.co/hfRviecvrI

Geo restrictions apply. pic.twitter.com/534R25WanH

— Kraken (@krakenfx) July 13, 2026

Kraken card unveils cashback tiers

The advertised 2% cashback rate on card usage is not automatic. Kraken’s card page lays out four reward tiers dependent on the 30-day rolling average of a customer’s combined Kraken, Kraken Pro, and Krak balances.

The Light tier at a total of €200 gets a rate of 0.5%, the Pro tier at €1,000 gets 1%, the Elite tier at €10,000 gets 1.5%, and the Max tier at €50,000 will be able to assess the full 2%. New cardholders will sit at the Max tier for their first 30 days of use, and then eventually settle into whichever tier their balance at the month-end supports.

Kraken will also let its users decide which of their token balances will be used for purchases. Assets can be ranked into a spending queue, and any token the customer does not want to use for purchases can be toggled off so it is not assessed at checkout. A single payment can draw from more than one balance at a time.

Krak set as card management app

Customers can request the card creation inside the Kraken app and manage it in Krak, the company’s separate money app that uses the same login credentials as the exchange app. Krak will handle all transaction history, cashback settings, and orders for physical cards. The card can also be used as a virtual card, usable straight away on Apple Pay or Google Pay.

Kamo Asatryan, Kraken’s Global Head of Consumer and Chief AI and Data Officer at parent company Payward, has said the card is a way to close the gap between holding money and using it. “People shouldn’t have to worry about where their money is sitting before they spend it,” he said in the blog post. “The Kraken Card adds ‘spend’ to that list.”

Regulation and possible expansion

The card’s issuance and regulation are handled differently depending on geographical location. In the UK, the card is issued by Monavate Limited, authorized by the FCA for electronic money activities under FRN 901097.

In the EEA, it is issued by UAB Monavate under authorization from the Bank of Lithuania. Kraken also stresses that these services are not covered by the UK’s Financial Services Compensation Scheme, and that spending crypto can trigger a taxable event when assets are converted to fiat.

The card launch follows Kraken securing full MiCA and MiFID compliance within Europe as the European Union’s crypto rules took effect. Kraken said cards for additional markets, including the United States, are on the way. However, no specific dates or timelines have been given for this possible expansion.

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