Kraken launches US debit card with bitcoin rewards
The card automatically converts users’ chosen assets into US dollars at checkout.
Kraken’s parent company, Payward, is expanding its financial services by launching a multi-asset debit card in the US. The Krak card, available on Visa’s network, allows customers to spend crypto and fiat currencies and earn up to 2% cashback in dollars or Bitcoin (BTC). The card supports over 600 currencies and assets, with holdings converted to US dollars at the point of sale.
Customers can draw from multiple balances for a single purchase, selecting the order in which assets are spent. The card is issued by Lead Bank, with physical and virtual versions available to eligible US customers. Krak is positioning the card as an alternative to credit-based rewards programs, targeting consumers concerned about paying off monthly balances.
A Morning Consult survey found that 60% of respondents would switch to a debit card offering rewards without incurring debt. Kraken’s consumer money and payments app has issued over 135,000 multi-asset cards in the UK and European Economic Area since launching in December 2025. Payward, co-CEO Arjun Sethi, discussed the company’s strategy at the Wyoming Blockchain Symposium, emphasizing expansion into additional asset classes and financial services.
Sethi compared Payward's ambitions to those of traditional financial institutions, stating the need to build products similar to JP Morgan or similar entities.
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