Krak Launches 1% Cashback Card & 10% APY DeFi Vaults
Krak, Kraken’s retail app, has launched a Mastercard-backed multi-asset cashback debit card across the UK and EU. The Krak cashback card offers 1% cashback in EUR or BTC on real-time payments. It supports over 400 fiat and crypto assets, features fee-free ATM withdrawals and instant currency conversions at checkout. Users can send cash, stablecoins or crypto to other Krak accounts instantly or use fast IBAN transfers, including direct salary deposits.
Next, Kraken plans to introduce DeFi-connected Vaults targeting over 10% APY via flexible, risk-adjusted strategies with no lock-ups. Although Krak holds 1:1 fiat reserves, it is not a bank and lacks FSCS or FDIC insurance. The service operates under the EU MiCA framework. Crypto traders can streamline asset management, boost trading capital efficiency and access high-yield strategies within one unified platform.
Bullish
The launch of a Krak cashback card featuring 1% BTC rewards and upcoming 10% APY DeFi vaults under EU MiCA regulation is bullish for Bitcoin. In the short term, the card’s BTC rebates could drive increased on-chain activity and trading volume. Offering direct salary deposits via IBAN and fee-free conversions may attract new users, boosting demand for BTC and platform volume. Over the long term, integrated high-yield vaults and streamlined fiat-crypto on-ramp/out-ramp can enhance adoption and utility of Bitcoin, strengthening its market position and price support.