Kraken Moves Into Consumer Banking Territory With App Expansion

Kraken is no longer framing Krak as a crypto companion app - it’s beginning to resemble a full-service financial portal.

A major upgrade rolling out today brings everyday money management into the platform, signaling Kraken’s intentions to challenge traditional banking more directly.

Instead of leading with trading tools, the updated Krak experience introduces features normally found in fintech banking apps. One of them is a Mastercard-powered debit card that works across Europe and the U.K., offering shoppers up to 1% cashback that can be credited either in local currency or converted straight into Bitcoin. Kraken sees this as a way to blend routine spending with effortless crypto exposure.

Another shift comes from income routing. Users can now have their paychecks sent directly to Krak, creating a tighter connection between wages, spending and investing. Alongside this, Kraken rolled out Vaults, a savings product promising returns above 10% APY, built on the company’s staking infrastructure but positioned as a broader wealth-building tool rather than a pure crypto mechanic.

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These features arrive after Kraken secured $800 million in fresh funding, capital earmarked for turning Krak into a globally available, multi-asset platform. Apart from a few restricted regions, the company intends for Krak to operate almost everywhere, supported by what Kraken describes as a heavily regulated, vertically integrated backend.

The combined package – debit spending, salary deposits and high-yield savings woven into one interface – marks a clear shift in Kraken’s identity. It’s no longer simply enabling crypto trades; it’s constructing an all-purpose financial environment designed to sit alongside, and eventually rival, modern neobanks.