Krak Debuts Its All-In-One Crypto Account and Card: Spend, Send, Earn up to 10% APY

Kraken recently announced the launch of “Krak Card” in the UK and the EU as part of a phased global rollout. This Mastercard-powered debit card is a crucial piece of Kraken’s all-in-one platform, “Krak,” which first debuted as a mobile app this year.

The launch is meant to feel like a modern money app designed to work with digital assets seamlessly. In fact, it positions Kraken to directly challenge traditional neobanks like Revolut and payment apps like PayPal.

Which begs the question: what does a truly unified crypto account unlock for everyday users? Read on to discover how Krak works and how you can get started in just a few steps.

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Why Traditional Banks Can’t Keep Up With Modern Finance

It’s challenging for traditional banks to keep up with today’s fast-paced global world. To put things in perspective, it can still take 3 to 5 business days for a bank-to-bank money transfer across countries. Also, most savings accounts offer a nominal interest rate, which massively undermines passive income potential. Even credit and debit cards that do give rewards typically have limits, hidden fees, or high currency conversion fees.

Krak is reimagining the model entirely by actively building a crypto banking app that combines spending, global crypto transfers, and earning into a single app. This will give you greater freedom and faster access than traditional banks.

Send Money Globally in Seconds With Krak’s Instant Transfers

Krak makes sending money across borders as easy as sending a message. For perspective, Krak Users can send cash, crypto, or stablecoins to other users instantly, without having to enter bank codes or wait. They can pay anyone using their personal Kraktag, which is a unique username.

In a practical scenario, this will make it easy to pay a freelancer who lives in another country. Moreover, transfers are instant and free between Krak accounts, without the high fees or poor exchange rates you’d get from a bank. You can send crypto instantly or transfer fiat globally, and Krak will handle any currency conversion behind the scenes.

And soon, users will also be able to get their paychecks directly in their Krak account, ready to spend, send, or put to work as soon as they arrive.

How Krak Vaults Help You Grow Your Crypto With up to 10% APY

Crypto enthusiasts are also excited about Krak Vaults, flexible crypto yield products that use DeFi strategies to help you earn up to 10% APY crypto.

There are multiple vaults for people with varying levels of risk tolerance:

• Balanced Yield: Aiming for a steady growth rate of about 5.5% APY with lower risk.
• Boosted Yield: This strategy targets a 9.5% APY for those willing to take on moderate risk for higher returns.
• Advanced Strategies: For experienced users looking for the highest yields, these strategies (which may include leverage) could yield up to 10% APY.

Notably, there are no lock-ups or minimums on any of the crypto yield vault strategies. You can deposit or withdraw your money at any time, and your assets will remain accessible while they continue to earn interest.

The Power of an All-In-One Crypto Account

Spending without a hassle, easily sending assets across the world, and even the ability to earn passive income are all great features in their own right. But when you put them all together, you get a holistic account experience where your money works the way you want it to.

Krak makes it easy to manage all of your bank accounts, crypto wallets, and finance apps in one place. You can pay at a store, send money to another country, and earn interest on idle savings, all from the same app.

Is Krak Right for You? Here’s Who Benefits Most

Krak’s all-in-one account is for people who are frustrated by the problems inherent to traditional banking. It’s ideal for crypto investors who want to get more out of their portfolios by earning yield on their holdings while keeping their assets flexible, with no lockups to worry about. It also appeals to people who want to use their assets for everyday shopping, who can get cashback in Bitcoin, Pounds, or Euros as they spend money, combining spending and saving.

Remote and freelance workers benefit as well, since they can send and receive money worldwide without waiting days for wire transfers or paying high fees. And for frequent travellers, Krak offers the freedom to use crypto anywhere in the world without paying foreign exchange or ATM withdrawal fees.

How to Get Started With Krak

Getting started with Krak is simple, and it’s currently open to users in the UK and EU (with other regions in the pipeline).

Here’s how to sign up and start using the Krak Card and account:

1. Sign Up: You can either download the Krak app or go to the Kraken website to create a new account.
2. Verify Your Identity: When registering, you’ll be required to complete a quick KYC check.  Then you can start with either fiat or crypto as your initial balance.
3. Get the Card: You are now eligible to apply for a Krak Debit Card. You can get a virtual card right away to use with Apple Pay, Google Pay, or your mobile wallet, or even request a physical contactless card to be sent to you.
4. Start Spending and Sending: Once your card is activated, you can swipe it anywhere or use it online just like any debit card. Enjoy 1% cashback rewards on purchases and use the app to send money globally on the go.

Conclusion

In a world that’s evolving toward remote work and digital assets, having one account that lets you spend, send, and earn passive income could be a game-changer.

Krak combines the best aspects of crypto and traditional finance to provide an “everything account.” You can sign up on Kraken today and order a debit card to unlock the 1% cashback on your daily spends while earning up to 10% on your idle savings.