Kraken has introduced Krak: a new all-in-one crypto account combining card spending, instant global transfers, and crypto Vaults offering up to 10% APY. Available to users in the UK and the EU.
Simplifying crypto usage has always been one of the core principles of Kraken. The Krak Card, the exchange’s new Mastercard-based crypto debit card, now takes this a step further by giving users in the UK and the EU an easy way to manage their spending, transfers, and savings.
The Kraken crypto debit card works anywhere Mastercard is accepted and offers up to 1% cashback on purchases. Users can also make instant transfers to other Krak users and earn returns through Krak’s flexible Vaults, making it a practical all-in-one crypto account. And since Krak Card is available in both physical and virtual forms, it appeals to both digital maximalists and those who prefer a firm grip on their assets.
If you’re from the UK or the EU, you can already access the Krak Card by signing up for a Kraken account.
Rethinking Banking for a Digital World
Traditional banks set strict rules for spending and saving that date back to a pre-digital era. They often charge high fees for cross-border payments and limit the currencies you can use. Waiting days for transfers or juggling multiple currencies is a hassle that, according to Kraken, has no place in contemporary finance.
Krak addresses these problems by reimagining your main account as a Swiss-army-knife management portal that can move with you across borders and time zones. Instead of juggling apps and wallets, Krak integrates spending, sending, and earning in a single unified experience.
Spend Seamlessly with the Krak Card
The Kraken crypto debit card, or the Krak Card for short, rewards you up to 1% back on every transaction, and it works anywhere Mastercard is accepted. Whether using the card at retail outlets or online, users can tap to pay in their local currency. Plus, there are no ATM withdrawal fees worldwide.
The Krak Card also supports spending from 400+ fiat or crypto assets in your Krak account. At checkout, Krak converts your chosen asset instantly with no transaction fees. Every eligible purchase earns 1% cashback, credited in GBP, EUR, or Bitcoin.
Up to 1% cashback and zero fees make Krak Card an excellent choice. Source: Kraken
You can choose a sleek physical card for your wallet or a virtual one for your app, giving you full control over your assets wherever you go. Furthermore, you can pick which assets to spend or save, and oversee everything in real time.
Instant Global Transfers
Krak enables instant transfers of cash, crypto, or stablecoins to any other Krak user. You can split bills, pay freelancers overseas, or move funds between your own accounts in a single tap. Transfers are free and instantaneous, with none of the days-long waiting typical of banks.
Thanks to this, the Krak Card could appeal to a variety of user profiles, unified in the need for active and quick-settling financial transfers that are not limited by borders or time zones.
High-Yield Crypto Vaults
Krak Vaults let users earn while they sleep. These flexible, risk-adjusted crypto yield vaults offer between 5.5% and even up to 10% APY for the riskier profiles.
Users have the option to choose from Balanced Yield (around 5.5% APY) for steadier growth, Boosted (around 9.5% APY) for moderate risk, or Advanced Strategies (up to 10%+ APY), which may apply leverage for higher returns.
There are no minimums or lockups, so your assets remain accessible while compounding returns around the clock. Krak Vaults run on decentralized finance protocols, automatically compounding yields for you 24/7.
One Account for Everything
Krak brings the ability to spend, send, and grow into one streamlined app. You can manage fiat and crypto, card payments, transfers, and Vault earnings in one place. In essence, Krak functions as your all-in-one crypto account, replacing multiple platforms, apps, and accounts.
The Krak Card is customizable, easy to set up, and usable worldwide. Source: Kraken
The Krak account is entirely digital and mobile-ready, giving you full control of your finances from anywhere. Krak could be a good choice for travelers and international shoppers, as it features no hidden fees and lets you spend any currency worldwide without extra charges.
Who Stands to Benefit from Krak?
Krak is designed for anyone seeking greater financial freedom. Everyday shoppers can earn Bitcoin cashback on routine purchases, letting you collect a small crypto reward with every purchase. Remote workers and freelancers benefit from instant, borderless transfers without bank fees, with wages arriving when due without fail.
Crypto investors will also find Krak useful, as its versatile platform combines an all-in-one crypto account and banking app, allowing more advanced crypto users to spend and grow their assets.
Getting Started with Krak
Here’s how to get started with Krak in four simple steps:
- Sign up: Download the Kraken app and create an account (currently available to UK and EU residents).
- Verify your identity: Complete Krak’s KYC by uploading a photo ID. This step unlocks full account functionality.
- Order your Krak Card and fund your account: Request a physical or virtual Krak Mastercard in the app. Then deposit funds by bank transfer or crypto (choose from 400+ supported currencies).
- Spend, send, and earn: With funds in your account, you can use your card anytime, anywhere. You can make instant transfers to other Krak users and place assets in Krak Vaults to earn up to 10% APY.
The Importance of Krak Today
For modern consumers, Krak represents the future of banking, and it’s available today. Krak brings global flexibility and unified finance within your reach. You can spend crypto worldwide, send crypto instantly, and earn up to 10% APY on your assets, all from one account.
In a world where traditional banks often slow you down, Krak lets you live and spend on your own terms. Ditch outdated banking rules by using the Kraken crypto debit card.