Krak, the payments app affiliated with crypto exchange Kraken, launched a Visa debit card in the United States on Tuesday, offering cashback rewards and the ability to spend directly from crypto holdings.
The Krak Card pays rewards of as much as 2% in cash or bitcoin, with the percentage tied to how much a customer holds on the platform, according to CNBC
Rewards are paid as money rather than points and are credited to a user’s account once a transaction settles, the company said. Through the card, customers can draw on more than 600 currencies and crypto assets, with the selected holdings automatically exchanged for dollars when a purchase is made, according to CNBC. Cardholders can choose which assets are tapped first and, if they wish, divide a single transaction among several different balances.
The card is available to eligible residents in most U.S. states. It is not available in New York, Maine, Massachusetts, or Indiana, the company said. There are no subscription, monthly, or annual fees.