Kraken launches US debit card for crypto and fiat spending

The real signal here is distribution, not the card itself: Kraken is pushing its brand from an exchange interface into everyday payment rails, where the user relationship is stickier and less dependent on trading volume. That matters most for US customers already holding balances on the platform, and it puts Kraken closer to competing with fintechs and card issuers rather than only other exchanges. Whether the cashback economics and crypto-to-fiat conversion at the point of sale prove durable, and how regulators treat multi-asset spending cards, is the open question.