Core Insights - Kraken is launching a Bitcoin rewards debit card, the Krak Card, for users in the EU and UK, offering 1% cash back on purchases in Bitcoin or local fiat currency [1][5] - The card connects to the Krak app, allowing users to spend from a balance of over 400 supported assets at Mastercard-accepting merchants [2][3] - Users can set a spend order for transactions, enabling the use of multiple cryptocurrencies to complete purchases if one asset is insufficient [4][3] Product Features - The Krak Card has no monthly or annual fees, but a spread fee applies when assets are sold to complete transactions [4] - The card is expected to expand to additional regions and introduce more features, including enhanced rewards and credit products [5] - The Krak App, launched in June, has been downloaded over 450,000 times in 130+ countries, positioning itself against competitors like Venmo and Cash App [6] Market Context - Kraken's launch follows a trend in the industry, with competitors like Coinbase and Gemini offering Bitcoin rewards products, including credit cards with cash back rates up to 4% [7] - The company recently filed an S-1 form for a public offering after raising $800 million, valuing it at $20 billion [6]