TL;DR:
- Krak now offers a Mastercard debit card with 1% cashback and multi-asset spending.
- Users in select regions can set up salary deposits, directing paychecks straight into the app.
- The new Vaults feature provides up to 10%+ APY, using curated strategies to generate yield on idle funds.
Kraken is expanding its Krak app with a suite of banking-style features designed to challenge traditional finance, including a debit card with cashback, salary deposit options, and high-yield Vaults. The rollout reflects Kraken’s growing ambition to turn Krak into a global money app that brings crypto and fiat under one unified experience.
Krak introduces tools built for spending, earning, and saving
Krak’s latest upgrade centers on a new debit card powered by Mastercard, offering 1% cashback on purchases while letting users spend directly from both fiat and crypto balances. The card charges no monthly fees and supports seamless asset selection at checkout, allowing everyday transactions with Bitcoin, Ethereum, and other supported currencies. The card is initially available in the UK and EU, with broader expansion planned.
Meanwhile, Krak is rolling out salary deposit functionality, enabling users to route their paychecks straight into their Krak accounts. This addition integrates income with spending and investing features, giving users a single hub to manage both fiat and crypto. The feature launches first in the UK and EU, aiming to streamline how users bring funds into the app.
The most ambitious addition is Krak’s high-yield Vaults, offering returns that can surpass 10% APY via curated strategies that tap into established lending protocols. Users can choose from profiles like Balanced or Advanced, adjusting for risk appetite while putting idle balances to work. Kraken frames Vaults as a modern alternative to low-yield banking products.
These features complement Krak’s existing toolkit: global peer-to-peer transfers, instant asset swaps, and support for hundreds of digital and fiat currencies. Together, they push Krak toward becoming a borderless financial hub for everyday use.
Kraken clarifies that Krak is not a bank and does not provide deposit insurance, though fiat balances are safeguarded through regulated mechanisms. Its licensing under MiCA strengthens the app’s regulatory footing across Europe, enabling it to operate with clearer oversight than many competing crypto services.
With debit spending, salary integration, and yield-focused savings all in one place, Krak is positioning itself as a compelling alternative to neobanks and traditional institutions, blending crypto infrastructure with familiar financial tools.
