Kraken has launched a debit card for eligible customers in the UK and the European Economic Area.

The company aims to connect users’ cryptocurrency and fiat balances directly to everyday spending by converting funds in near real-time at the point of purchase.

The product allows users to spend from more than 600 supported digital and fiat currencies anywhere Mastercard is accepted.

Kraken states that the card offers up to 2% cashback on purchases, which are paid out weekly in Bitcoin, euros or pounds. The company does not charge its own transaction or ATM fees for card usage.

Customers can choose between a physical or virtual card. The virtual option allows customers to start spending immediately.

Cardholders manage their spending, cashback preferences and physical card orders through the Krak global money app, which operates using existing Kraken login credentials.

The card allows users to choose which balances fund their transactions, helping them separate spending funds from long-term holdings. A single payment can draw from multiple balances simultaneously.

The product complements Kraken’s existing trading and yield-related services.

“People shouldn’t have to worry about where their money is sitting before they spend it. Our customers already earn, save, invest, and trade with Kraken,”

said Kamo Asatryan, Global Head of Consumer at Kraken.

“The Kraken Card adds ‘spend’ to that list, bringing it all together into one experience that just works.”

The launch comes as Kraken continues to develop its app around more personalised user experiences.

The company plans to introduce more features and will eventually roll out the card to additional markets, including the US.

Featured image credit: Edited by Fintech News Switzerland, based on image by Kraken