Krak Card Aims to Pull Users Away from Traditional Banks

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Kraken is taking another swing at the traditional banking world with a new expansion of its Krak app and the launch of the Krak Card across the United Kingdom and the European Union. T

he move signals a clear intention by the company to position Krak as a primary financial account for consumers who want full control over both digital assets and traditional currencies.

During a recent discussion with TheStreet Roundtable's Jackson Hinkle, Krak product lead Jared Blake noted the significance of the rollout, calling the Krak Card a market leading debit product that delivers 1% cash back on every purchase with instant settlement in fiat currencies and Bitcoin.

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Blake said that Krak customers will be able to spend from more than four hundred supported assets.

“This card allows our customers to spend any of the four hundred plus assets we support on the Krak application seamlessly at any store,” Blake stated.

He highlighted the ability to fund a single transaction with multiple assets, something he described as a standout use case.

Bivu Das, who oversees Krak in the U.K., said the expansion was driven by a gap between consumer expectations and what legacy banks and neobanks currently provide.

“Incumbent banks were a couple of steps behind just in terms of how people interact with their money and what they get back from their primary financial account,” he said.

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Those features include Krak Vaults, which will give users access to audited decentralized finance lending protocols that target double digit yield on eligible assets. Krak will also soon introduce salary deposits for U.K. and EU users, closing the loop between getting paid, building wealth, and spending directly from the app.

With more than 450,000 downloads since June and new regulatory strength through its Markets in Crypto Assets license, Krak is positioning itself to compete not only with established banks but also with the growing wave of digital only financial platforms.

This story was originally published by TheStreet on Nov 25, 2025, where it first appeared in the Innovation section. Add TheStreet as a Preferred Source by clicking here.