Krak Card Aims to Pull Users Away from Traditional Banks

Core Insights - Kraken is expanding its services with the launch of the Krak app and Krak Card in the UK and EU, aiming to become a primary financial account for consumers managing both digital assets and traditional currencies [1][6] Product Features - The Krak Card offers a market-leading debit product with 1% cash back on every purchase and instant settlement in fiat currencies and Bitcoin [2] - Customers can spend from over 400 supported assets, allowing transactions funded by multiple assets, which is highlighted as a unique feature [3] Market Positioning - The expansion is driven by a gap between consumer expectations and the offerings of traditional banks and neobanks, with Kraken aiming to meet modern financial interaction needs [4] - Kraken has achieved over 450,000 downloads since June and has gained regulatory strength through its Markets in Crypto Assets license, positioning itself to compete with both established banks and digital-only financial platforms [6] Additional Features - Krak Vaults will provide users access to audited decentralized finance lending protocols targeting double-digit yields on eligible assets [5] - Upcoming features include salary deposits for UK and EU users, enhancing the integration of earning, wealth building, and spending directly from the app [5]