Kraken launched its own debit card for eligible clients in the United Kingdom and the European Economic Area, with plans to expand to new markets, including the United States.
The Kraken Card operates on the Mastercard network and allows users to spend balances in cryptocurrencies or traditional currencies at any merchant or platform that accepts that network. The conversion takes place in near real time at the moment each purchase is made.
The idea behind the product is to consolidate savings, investment, trading and everyday spending functions into a single account, eliminating the need to transfer funds between separate financial institutions.
The card offers up to 2% cashback in Bitcoin, euros or pounds, paid out weekly, and supports more than 600 crypto assets and compatible fiat currencies. The exchange charges no fees for transactions or ATM withdrawals.
Users can apply for the product directly through the exchange’s app, while card management is centralized in the Krak application, accessible with the same login credentials. Kamo Asatryan, Global Head of Consumer at the exchange, stated that “people shouldn’t have to worry about where their money is before they spend it.” Both the physical and virtual versions are already available.
Source:Â https://blog.kraken.com/product/kraken-card/introducing-the-kraken-card
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