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Kraken Card
Mastercard crypto debit card with 600+ spendable currencies and up to 2% cashback
3.8/ 5
Our score
Good
Card issuance fee
Free
Monthly fee
Free
Foreign exchange fee
0%
Max cashback
2%
Card network
Mastercard
What is Kraken Card?
The Kraken Card is a custodial Mastercard virtual debit card managed through the Krak app. Eligible Kraken customers can spend from crypto or cash balances, with assets converted at the point of purchase. It supports 600+ currencies and offers up to 2% cashback in BTC or EUR.
Who is behind it
The card is part of Kraken, which is operated by Payward, Inc. Kraken was founded in 2011 and is headquartered in San Francisco. Its co-founders are Jesse Powell, who previously founded an internet gaming startup and consulted for Mt. Gox, Thanh Luu and Michael Gronager. Dave Ripley became CEO in April 2023, and Powell became chairman. Kraken announced $800 million in funding in November 2025, including a $200 million investment from Citadel Securities. Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management and Tribe Capital led the $600 million primary tranche.
How the card works
Customers order the card inside Kraken and use the same credentials in Krak. Its everyday balance is separate from trading, staking and long-term positions, so funds must be transferred to it intentionally. A configurable spending queue lets cardholders choose which assets are used first and block individual assets from spending. Bitcoin, cash and other supported assets are converted at checkout. Apple Pay and Google Pay are supported where available.
Cashback is based on the 30-day rolling average balance across Kraken, Kraken Pro and Krak. The listed tiers are Light at €200 for 0.5%, Pro at €1,000 for 1%, Elite at €10,000 for 1.5% and Max at €50,000 for 2%. New cardholders start at the Max tier for 30 days.
Fees and availability
The card is free to order and keep, with no monthly or annual fee. Kraken charges no transaction or foreign-exchange fees, and no ATM withdrawal fees. A variable spread applies when spending across assets, while ATM operators can add their own fees. The card is issued by UAB Monavate, which is authorised by the Bank of Lithuania under authorisation code LB002139. Payward Ireland Limited and Payward Europe Solutions Limited are regulated by the Central Bank of Ireland. Geographic restrictions and account eligibility rules apply.
Track record and risks
Kraken launched in 2011. The US Krak Card launched in August 2026 as a separate US product. Kraken reported more than 6 million clients in January 2021. The main risks include custodial account exposure, variable conversion spreads and geographic restrictions. Spending crypto can create a taxable conversion, and the variable spread can raise the effective cost.
Founders
Jesse PowellCo-founder
Previously founded an internet gaming startup and consulted for Mt. Gox.
Thanh LuuCo-founder
Michael GronagerCo-founder
Best for:Everyday crypto spendingKrak app usersCardholders spending multiple assetsUsers wanting BTC cashback
Pros and cons
Pros
- Up to 2% cashback in BTC or EUR
- No Kraken transaction or foreign-exchange fees
- No Kraken ATM withdrawal fees
- Supports 600+ currencies
- Apple Pay and Google Pay support
- Spending order can protect selected assets
Cons
- Custodial card and account structure
- Variable spreads may apply when converting between assets at checkout
- Third-party ATM fees may apply
- Availability varies by location
- A Kraken account is required
- Spending crypto may create taxable conversions
Our review
3.8/5
Good
Kraken Card combines 600+ spendable currencies with no Kraken transaction, FX or monthly fees, but it is custodial and applies a variable conversion spread.
Kraken Card is a virtual Mastercard debit card managed in the Krak app. It draws from a separate Kraken spending balance, converts crypto at the point of purchase, and can be added to Apple Pay or Google Pay. UAB Monavate issues the card under its authorisation from the Bank of Lithuania, while Mastercard provides the card network.
Fees are a clear strength. Ordering and keeping the card is free, with no monthly or annual fee. Kraken also charges no transaction or foreign-exchange fees, and no ATM withdrawal fees. Third-party ATM charges may still apply, and a variable spread applies when spending across assets. That spread is the main cost associated with conversion.
The reward rate reaches 2% in BTC or EUR with no advertised cap. It depends on a 30-day rolling average across Kraken, Kraken Pro and Krak. The listed tiers range from 0.5% at €200 to 2% at €50,000. New cardholders start at the Max tier for 30 days. The highest ongoing rate requires a large balance, and cashback paid in BTC carries crypto price risk.
Geographic restrictions apply, and eligibility depends on jurisdiction. The custodial model means funds remain within Kraken accounts rather than a self-custody wallet. Card controls include asset spending order, instant freeze and unfreeze, PIN management, and charge notifications.
Kraken has operated since 2011. Payward, Inc. is its parent company, Dave Ripley is CEO, and Jesse Powell is chairman. The company announced $800 million in funding in November 2025, including a $200 million investment from Citadel Securities. The card's published protections include 1:1 backing for major crypto assets and £125 million in insurance. Geographic restrictions and jurisdiction-specific eligibility rules apply.
It suits Kraken customers who want one app for crypto spending, mobile-wallet payments and balance-based cashback.
Fees & limits
| Card type | Debit |
|---|---|
| Card network | Mastercard |
| Card format | Virtual · unverified |
| Custody | Custodial |
| Max cashback ⓘ | 2% · unverified |
| Rewards paid in | BTC or EUR · unverified |
| Staking needed for top rewards | No · unverified |
| Welcome bonus | New cardholders receive Max tier for 30 days, with 2% cashback. · unverified |
| Card issuance fee | Free · unverified |
| Monthly fee | Free · unverified |
| Annual fee | Free · unverified |
| Foreign exchange fee | 0% · unverified |
| Crypto conversion spread | Variable spread applies when spending across assets · unverified |
| ATM withdrawals | No ATM withdrawal fee from Kraken; third-party ATM fees may apply · unverified |
| Available in | Europe (EEA), United Kingdom, United States · unverified |
| Spendable assets | 600+ cryptocurrencies, Cash · unverified |
| Card currencies | EUR · unverified |
| Apple Pay | Yes · unverified |
| Google Pay | Yes · unverified |
| Good for | Everyday spending, Travel, Online shopping, Subscriptions & AI tools · unverified |
| Perks | Up to 2% cashback, Up to 6% travel cashback, Instant card lock, Real-time notifications · unverified |
| Card issuer | UAB Monavate · unverified |
| Virtual card fee | Free · unverified |
Not disclosed by the provider: KYC required, Business card, Top-up fee, Daily spending limit, ATM withdrawal limit, Not available in, Top-up networks, Spend stablecoins, Referral program.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
600+ spendable currencies
The card can spend from more than 600 crypto and cash currencies, with conversion at the point of purchase.
Tiered cashback
Cashback ranges from 0.5% to 2%, based on the 30-day rolling balance across Kraken, Kraken Pro and Krak.
Configurable spending order
Cardholders set a queue for which balances are spent first and can block assets such as BTC from checkout.
Separate spending balance
Funds are transferred to an everyday balance, keeping trading, staking and long-term positions separate.
Mobile wallet support
The virtual Mastercard can be added to Apple Pay or Google Pay where the card and market are supported.
In-app card controls
Krak provides transaction history, cashback settings, PIN management, instant notifications and card freeze controls.
Crypto and cash funding
The card is funded from crypto or fiat balances held in the associated Kraken account.
Inside Kraken Card
Get your card
Users order the virtual Mastercard debit card inside the Kraken app, then manage and activate it in Krak with the same Kraken credentials. The card can be added to Apple Pay or Google Pay.
Rank your assets
Users set the order in which Krak spends from their balances and can turn individual assets off, such as BTC. The spending order can be changed in the app.
Travel cashback
The travel section offers access to 2.2 million hotels, advertised hotel discounts of up to 60%, and cashback of 4% to 6% at checkout.
Controls and protections
Krak provides instant card lock, freeze and unfreeze controls, PIN management, and asset spending controls. Kraken says major crypto assets are held 1:1 and backed by £125 million in insurance.
Kraken Card screenshots
What users say about Kraken Card
Praise mainly focuses on ease of use, straightforward investing, and a generally smooth app experience. Complaints center on held funds and withdrawals, account restrictions, and slow or ineffective support.
Top goods
In their own words
“Kraken mobile app review It’s been fantastic, and easy to use. Kraken is constantly updating the app with improvements to not only functions and appearance, but also with new stocks, stable coins and cryptos.”
“Wire transfer and Bitcoin purchase Very quick and confirmed instantly”
“I am extremely concerned because my withdrawal of 1,993.7429 USDChas been on hold since October 1, 2026. I have contacted support several times but still have no clear answer or resolution.”
“hello, My 22,000 USDT DEPOSIT on hold 7 days, and my xstock MSTRx valued 15000usd can not sell, i can not do anything with my account, i already opened a ticket # [removed], and kraken support always ask me to wait, kraken agent do not tell the timeframe.”
“My funds is stuck Basically trying to get help to locate my funds says I have funds but can’t trade or withdraw. The help specialist taking forever to get help… leaving a one star because of this.”
“Customer support is so slow The app is all ok until you need to contact their support team. I was trying to resume my account and the sell function was frozen for safety purpose. It takes months for their support team to respond to your message and still no action.”
Based on 100 Reddit posts and comments, 42 App Store reviews from the last 12 months, checked Oct 18, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Kraken Card? Share your experience below.
Funding and investors
$800MTotal raised
2Rounds
6Investors
-
Funding round Nov 2025 $200MSource
-
Primary tranche Nov 2025 Amount undisclosedDV DRW Venture CapitalCorporate VC Lead HS Hong ShanVenture capital Lead JS Jane StreetCorporate VC Lead OA Oppenheimer Alternative Investment ManagementVenture capital Lead TC Tribe CapitalVenture capital LeadSource
FAQ
Who founded Kraken Card?
Kraken Card comes from Kraken, founded in 2011 by Jesse Powell, Thanh Luu and Michael Gronager. Dave Ripley is CEO and Jesse Powell is chairman.
What fees does Kraken Card charge?
Kraken Card is free to order and keep, with no Kraken transaction, foreign-exchange, monthly or ATM-withdrawal fees. A variable spread applies when spending across assets, and third-party ATM fees may apply.
Where is Kraken Card available, and is KYC required?
Kraken Card availability is subject to geographic restrictions and jurisdictional eligibility. A Kraken account is required, and the product's regulatory disclosures vary by jurisdiction.
Is Kraken Card safe?
Kraken Card is a custodial Mastercard debit card issued by UAB Monavate, authorised by the Bank of Lithuania. Kraken says major crypto assets are held 1:1 and backed by £125 million in insurance, while account freezes and compliance reviews remain possible.
Which assets can Kraken Card spend?
Kraken Card supports spending from more than 600 currencies, including crypto and cash balances. Assets are converted at the point of purchase, and a variable spread applies when spending across assets.
How does Kraken Card cashback work?
Cashback is paid in BTC or EUR at up to 2% with no advertised cap. The rate is based on a 30-day rolling average across Kraken, Kraken Pro and Krak, with listed tiers from 0.5% at €200 to 2% at €50,000.
Latest from Kraken Card on X
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Enter by December 1 ↓
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Recent public posts from @krakenfx, shown as published. Not reviewed or endorsed by CryptoReview.
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