Kraken launches debit card with 2% cashback

• Kraken launched a debit card for eligible users in the UK and Europe.
• The card lets customers spend crypto or cash and earn up to 2% cashback.
• Kraken said it plans to expand the card to more markets, including the United States.

Kraken launched a debit card for eligible customers in the UK and European Economic Area that lets them spend crypto and cash from their Kraken accounts.

The card works on Mastercard's network and supports more than 600 crypto and fiat currencies at checkout.

“People shouldn’t have to worry about where their money is sitting before they spend it,” said Payward Global Head of Consumer and Chief AI and Data Officer Kamo Asatryan. “The Kraken Card adds ‘spend’ to that list.”

Customers can earn between 0.5% and 2% cashback based on their average 30-day account balance, with rewards paid in Bitcoin (CRYPTO:BTC), euros, or pounds.

Users can choose which assets to spend, add the card to Apple Pay or Google Pay, and Kraken said cards for the United States are planned without giving a launch date.

Monavate Limited issues the card in the UK under Financial Conduct Authority approval, while UAB Monavate issues it in the European Economic Area.

The launch follows Kraken receiving MiCA and MiFID approvals in Europe as the company expands its crypto payment services.

At the time of reporting, Bitcoin price was $62,018.96.