Kraken is accelerating its push into mainstream finance with a sweeping upgrade to its Krak app, rolling out today and aimed squarely at territory long dominated by traditional banks. The update introduces a debit card with cashback rewards, integrated salary deposits, and high-yield savings products, marking one of the exchange’s most ambitious consumer expansions to date.
Krak Card Brings Everyday Spending Into the Crypto Ecosystem
One of the standout additions is the Krak Card, a Mastercard debit card now available to users across the UK and Europe. The card offers up to 1% cashback on purchases, with the option to receive rewards in fiat or directly in Bitcoin. By blurring the line between spending and investing, Kraken positions the service as a gateway for users who want everyday financial activity tied seamlessly to digital assets.
Salary Deposits and New “Vaults” Reshape User Financial Flows
The platform now allows customers to receive their salaries directly into their Krak accounts, linking income with crypto access far more tightly than before. This integration reflects Kraken’s strategy to embed itself into daily financial habits rather than operate solely as a trading platform.
Complementing this feature is the launch of Krak Vaults, a high-yield savings product offering 10%+ APY. Designed for long-term wealth accumulation, Vaults build on Kraken’s existing staking infrastructure but expand the product suite toward more complete financial planning.
Kraken’s Strategy: Becoming a Global Multi-Asset Financial Hub
These upgrades are part of Kraken’s broader plan to evolve Krak into a globally accessible, multi-asset platform capable of rivaling both legacy banks and fast-growing neobanks. Excluding a few restricted regions such as Australia, Krak’s availability is designed to scale across nearly all major markets.
The timing follows Kraken’s recent $800 million funding boost, capital the company intends to deploy across international expansion and product innovation. Central to this strategy is Kraken’s vertically integrated, heavily regulated infrastructure, an architecture the company argues enables rapid rollout of new asset classes while maintaining strict compliance and security standards.
With debit spending, salary integration, and high-yield savings now bundled into one app, Kraken is positioning Krak as a comprehensive financial environment where traditional banking meets the crypto economy.