Kraken Unveils Mastercard-Enabled Debit Card for European Users

Crypto exchange Kraken has expanded its offerings in Europe by launching a Mastercard-enabled debit card, dubbed the Kraken Card. Available to verified users across the UK and European Economic Area, the card supports spending from over 600 crypto and cash balances held on Kraken's platform.

The card offers near real-time conversion at the point of sale, with no monthly fees or forex fees. Users can earn cash-back rewards of up to 2% in Bitcoin, euros, or pounds sterling when using the card. The card is issued through Monavate, an FCA-authorized provider.

This move marks a significant step for Kraken as it shifts from a traditional exchange to a more comprehensive financial services provider. The launch has been a slow build, with the company first announcing its partnership with Mastercard in April 2025 and initially rolling out a more modest 1% cash-back structure tied to peer-to-peer payment features.

Compared to competitors like Coinbase and Crypto.com, Kraken's card stands out due to its wide range of supported assets (over 600) and competitive cash-back rewards. The geographic focus on the UK and EEA also highlights Kraken's emphasis on targeting markets with clearer crypto regulations under frameworks like MiCA in the EU.