Kraken rolls out Mastercard debit card for UK and European users

Kraken has introduced a Mastercard debit card for eligible customers in the UK and the European Economic Area, allowing spending from more than 600 supported crypto and cash currency balances. The exchange said the card offers up to 2% cashback and follows parent company Payward’s agreement to buy payments infrastructure firm Reap Technologies in a $600mn transaction.

The product links customers’ Kraken balances to retail payments, both online and in stores, wherever Mastercard is accepted, according to the exchange. At checkout, Kraken said selected balances are converted in near real time at the point of purchase, giving users a way to spend digital assets and cash currencies without first making a separate withdrawal to a bank account.

The card’s rewards are paid weekly, according to Kraken. Cardholders can receive cashback in bitcoin, euros or pounds, with the maximum rate set at 2%.

Debit cards tied to crypto accounts use conventional card networks for merchant acceptance while drawing on balances held with a digital asset platform. The merchant receives payment through existing card payment infrastructure, while the card provider handles the conversion from the customer’s chosen funding balance when the transaction is made. Kraken said its card supports hundreds of crypto and cash balances, expanding the range of assets that can be used for day-to-day payments.

The exchange said the initial launch covers the UK and EEA, with other markets to follow “soon”. It did not provide a detailed timetable for further rollouts.

Kraken described the card as part of a broader effort to build what it called a “holistic financial offering”. The company also said it is rebuilding its app with more personalised features and a more intuitive design.

Payments infrastructure push

The card launch comes shortly after Payward, Kraken’s parent company, agreed to acquire Reap Technologies for $600mn. Reap is a stablecoin-focused card issuing and payments infrastructure platform, with technology designed to connect conventional financial systems with digital assets.

Reap has built a card issuing and cross-border payments stack that enables businesses to move money internationally with greater speed, transparency and efficiency, according to the description of the company’s platform. For Kraken, the transaction adds infrastructure tied to stablecoin payments, card issuance and cross-border money movement as the exchange broadens beyond spot crypto trading.

The launch also reflects a wider effort by crypto platforms to bring exchange balances into mainstream payment channels. By working through Mastercard acceptance, Kraken’s card places digital asset spending inside an established global card network while retaining conversion and balance management within the exchange’s own customer account system.

This story draws on original reporting from Finextra Research.