Kraken expands its Krak ecosystem by launching debit cards, yield vaults, and salary deposit features in the UK and EU, backed by significant institutional support and regulatory approvals.
The expansion signals a direct challenge to traditional banks, with robust asset integration and increased crypto adoption, potentially impacting market liquidity and financial ecosystems across participating regions.
Kraken Launches Krak Debit Cards in UK and EU
Kraken has announced a significant expansion of its Krak ecosystem. The initiative introduces Krak debit cards, yield-generating Vaults, and salary deposit features, mainly targeting users in the UK and EU. These enhancements enable a seamless shift from crypto to fiat, backed by prominent institutional investors, with MasterCard powering the payment network. Co-CEO Arjun Sethi emphasized the mission to create a platform where assets can be traded globally. Kraken continues its long-standing operation with FCA registration since 2013.
“This investment represents long-term conviction in Kraken’s mission to build trusted, regulated infrastructure for the open financial system,” said Arjun Sethi, Co-CEO, Kraken.
Kraken Raises $800M to Accelerate DeFi Tooling
Spearheading the initiative, Kraken raised $800 million, including $200 million from Citadel Securities. The funding will scale operations, broaden asset coverage, and fast-track product rollouts in payments and DeFi tooling, enhancing Kraken’s financial footprint.
This expansion enhances the multi-asset functionality, supporting over 400 crypto and fiat assets. Key innovations include Krak Vaults offering competitive APYs and upcoming salary deposit features, potentially increasing stablecoin inflows and staking flows in the UK and EU.
Krak Ecosystem Enhances Compliance and Crypto Adoption
Kraken’s previous launches of equities and tokenized trading have paved the way for this expansion. Krak’s comprehensive card offering advances its ecosystem, integrating multi-asset models with robust regulatory compliance for mainstream crypto adoption.
Expert opinions suggest that Krak’s infrastructure expansion may boost user engagement and financial inclusion. Citing over 450,000 app downloads, this initiative signals significant community approval and positions Kraken as a key player in digital finance evolution.
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