Cryptocurrency platform Kraken has announced the phased roll out of a debit card which will allow users to pay in local currency or cryptocurrency.

Powered by Mastercard’s global payment network, the Krak card will enable users to spend with over 400 crypto and fiats assets supported in its app.

The card will be launched in the UK and EU with additional markets following in the coming weeks.

When making purchases, Kraken said that users will be able to mix assets to make up the total.

For example, a £100 purchase could be covered with £80 from a cash balance and the remaining £20 from a secondary asset, such as Bitcoin, Ethereum, or Solana.

Kraken said it will offer instant real-time currency conversion at checkout, as well as allow users to preset which assets are used first and exclude specific holdings from payments, which it said will give them flexibility and control over their assets.

The company added that these features help customers experience the opportunities within digital assets, bringing them closer to replacing their traditional bank with a “modern, multi-asset alternative built for the modern digital economy.”

Kraken also said the Krak card will offer users one per cent cash back rewards on all purchases alongside features including salary deposits.

“To us, everything is money -you should be able to use whatever assets you hold to pay for everyday goods and services in the digital era we live in,” said Mark Greenberg, global head of consumer at Kraken. “From groceries to getaways, the Krak Card makes value move freely, no matter who you are or how you choose to store your money.”

The launch of the debit card follows the roll out of Kraken’s global money app in June which allows its customers to transact across borders.

Kraken said at the time that the platform represents a “significant opportunity” for the company to expand beyond crypto-native customers and tap into the convergence of traditional and decentralised finance.

Since it launched, the app has been downloaded over 450,000 times in over 130 countries.
Kraken it expects the launch of the debit card to accelerate this growth and attract a new wave of customers seeking a financial account.

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