Kraken’s Krak Rolls Out US Debit Card as Payward Expands Financial Services

Kraken’s payments app, Krak, has introduced a multi-asset debit card for US customers, letting users spend both crypto and fiat while earning up to 2% cashback in dollars or Bitcoin. The card supports more than 600 currencies and assets, converting holdings to dollars at checkout, and lets users choose which balances get spent first.

Backed by Lead Bank and Stripe

Issued by Lead Bank on Visa’s network and powered by Stripe Issuing, the card comes in physical and virtual formats. Cashback rates depend on how much a user holds across Krak, Kraken, and Kraken Pro. A recent survey found many credit card holders worry about balances, with a majority open to switching to rewards-based debit options instead.

Payward’s Bigger Financial Push

Speaking at the Wyoming Blockchain Symposium, Kraken parent Payward’s co-CEO Arjun Sethi outlined plans to expand into banking and tokenization, comparing the company’s ambitions to major financial institutions like JPMorgan.