Krak launches multi-asset debit card for US shoppers

Krak has launched a multi-asset debit card for customers in the United States, marking its latest push to expand the product into a larger market.

The card allows users to hold more than 600 currencies and assets in the Krak app and spend from them at the point of sale. Transactions are settled in US dollars, with the app converting selected balances in real time at purchase.

Customers can draw from a single balance or split a payment across several holdings. A purchase can be funded partly from a US dollar balance and partly from other currencies or cryptoassets, with users choosing the order in which assets are used.

The debit card pays up to 2% cashback on everyday spending. Rewards are paid in US dollars when a transaction settles, or in Bitcoin if the customer chooses that option.

The US launch extends a card model already rolled out in Europe. More than 135,000 multi-asset Krak cards have been issued across the UK and the European Economic Area since December 2025, according to the company.

Survey findings

The launch is tied to research Krak commissioned on US consumer finances and card use. In a Morning Consult survey of 2,001 adults, 63% said they felt financially behind where they expected to be at their age.

The survey also found that 30% of respondents do not own a credit card. Among those who do, 42% said they worry about paying off their balance each month.

The findings also suggested demand for debit cards with rewards. Krak said 60% of respondents would switch to a debit card that offered rewards without requiring them to take on debt, while 57% said they would rather receive cash directly into their account than points, gift cards or travel miles.

Frustration with existing rewards schemes also featured in the results. According to the survey, 64% of credit card holders said they were frustrated with their rewards programme, rising to 74% among people earning more than USD $100,000.

Payments partners

Lead Bank issues the card under a Visa licence, allowing it to be used at merchants that accept Visa. Stripe Issuing supports the product for US customers.

The card is available as both a physical and virtual card through the app. Krak's broader US offering also includes peer-to-peer payments and a feature that allows users to earn returns on assets held in the app.

Krak brought the product to market, the money app developed by the makers of the crypto trading platform Kraken. The card links digital asset holdings more directly to everyday payments, while allowing users to decide whether to spend their crypto balances or keep them untouched.

That choice may carry tax implications, as converting digital assets into fiat currency can create capital gains or losses under US rules. Users can prioritise US dollars over crypto holdings if they want to avoid converting those assets for everyday purchases.

Krak argues that many consumers want more control over how they hold money. Its survey found that 53% of adults would value the ability to hold money across hundreds of assets and spend it instantly.

Arjun Sethi, Co-CEO of Payward, set out the company's case for the launch.

"People have lost trust in how the financial system treats them, in the rates they're paid, the fees they're charged, and how rewards actually work. They're right to. For decades the system has run on a quiet subsidy: ordinary people's deposits, fees, and spending fund the returns, and those returns rarely flow back to them. The old deal was simple: if you wanted rewards, you had to take on debt to get them. That deal is over. The Krak Card turns whatever people choose to hold into money they can spend anywhere, and pays the value back as cash, not points," said Sethi.