In the UK, the Kraken Card is issued by Monavate. Credit: Kraken

Kraken has launched a Mastercard debit card in the UK and Europe, allowing users to spend from a wide range of cryptocurrency and cash balances.

The crypto exchange said the card can be used for everyday purchases online and in stores wherever Mastercard is accepted.

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Users can pay from more than 600 supported crypto and cash currency balances. The funds are converted in near real time at the point of purchase.

Kraken said the card offers up to 2% cashback, paid weekly in Bitcoin, euros or pounds. It also said there are no transaction or ATM fees.

The product is being introduced first in the UK and the European Economic Area (EEA), with other markets expected to follow “soon,” according to the company.

In the UK, the Kraken Card is issued by Monavate, which is authorised by the Financial Conduct Authority (FCA) to carry out electronic money activities and related payment services.

In the EEA, the card is issued by UAB Monavate, which is authorised by the Bank of Lithuania.

The launch forms part of Kraken’s broader effort to develop a “holistic financial offering”. The company is also redesigning its app to include more personalised features and a more intuitive interface.

The card launch follows a recent agreement by Kraken parent Payward to acquire Reap Technologies in a $600m deal.

Reap Technologies focuses on stablecoin-based card issuing and payments infrastructure. The company has developed a card issuing and cross-border payments platform linking traditional financial systems with digital assets for global business payments.

Kamo Asatryan, global head of consumer at Kraken and chief AI and data officer of Payward, said: “People shouldn’t have to worry about where their money is sitting before they spend it. Our customers already earn, save, invest, and trade with Kraken.

“The Kraken Card adds ’spend’ to that list, bringing it all together into one experience that just works.”