Kraken rolls out Mastercard debit card and salary pay in UK and EU

Kraken is rolling out a debit card and salary deposits for its Krak money app in the UK and European Union, part of a plan to make everyday spending and saving with cash and crypto available in one place.

The Mastercard-powered Krak Card launches first in the UK and EU and will add more markets over time. The card is available in physical and virtual form and can draw from multiple balances in real time. Users can set the order in which fiat and crypto are spent and exclude specific assets. Purchases earn 1% cashback paid in local currency or Bitcoin. Kraken lists no monthly or foreign exchange fees, and the card can be used at ATMs worldwide without an ATM fee, with no announced changes.

The card connects to more than 400 crypto and fiat assets supported in the Krak app. A single transaction can be split across balances, for example paying partly in pounds and partly in Bitcoin, Ethereum or Solana based on user preferences, with instant conversion at checkout based on user settings.

Alongside the card, Kraken is introducing Vaults, an optional feature that routes funds into independently audited decentralized finance lending protocols. The firm describes Vaults as providing daily yield options with strategies curated by partners such as Chaos Labs and Sentora, with risk tiers and projected returns that can exceed 10% APY. Users can transfer funds in or out through the app.

Krak will enable salary deposits for UK and EU customers by issuing named accounts and IBANs so wages can be paid directly into the app. Kraken says upcoming automation will allow incoming pay to convert to a stablecoin, allocate to a Vault, or trigger recurring crypto purchases. Bill payments are set to work domestically and across borders.

“Banking still isn’t great. What money is changing,” said Mark Greenberg, Kraken’s global head of consumer, in a briefing. “Folks want access to yield, control and transparency, fully reserved assets, and rewards for how they store and spend value.” Kraken UK managing director Bivu Das contrasted the card’s payout with points-based offers, calling it “real cashback” paid in spendable currencies without caps or hidden fees.

Kraken said that Krak is not a bank and does not provide deposit insurance such as FSCS or FDIC coverage. The company’s UK and EU electronic money institution licenses require fiat funds to be safeguarded one-to-one in segregated accounts at regulated banks, and the firm does not rehypothecate client assets. Greenberg indicated supported stablecoins, including Kraken’s recently launched GBP stablecoin, are backed one-to-one by underlying financial assets.

Krak launched in June. Kraken reports the app has been downloaded more than 450,000 times in over 130 countries and supports sending more than 400 cash and crypto assets to over 203 countries. The company previously pointed to yield opportunities of up to 3.6% on eligible assets in the app.

Kraken is expanding Krak using its regulatory footprint in Europe. The firm holds a Markets in Crypto-Assets Regulation license authorized by the Central Bank of Ireland, enabling crypto services across the European Economic Area, and has operated in the UK since 2013 as an FCA-registered platform. Upcoming Krak features include credit products, additional card options, enhanced merchant rewards, simplified onboarding and broader asset support.

The rollout comes after recent financing and corporate steps. Kraken disclosed a $200 million strategic investment from Citadel Securities last week, bringing total funding raised over the past two months to $800 million at a $20 billion post-money valuation. The company has also confidentially submitted a draft S-1 registration statement to the US Securities and Exchange Commission for a proposed initial public offering.

According to our review, Kraken, founded by Jesse Powell, operates a long-running crypto exchange, licensed in the U.S., Canada, Cyprus and the EEA and registered with regulators including MiCA and FinCEN. It offers standard and Pro platforms with 562 assets and a 90% CER.live security score.