Kraken launches Mastercard, entering the new banking market

According to DLnews, Kraken has launched a Mastercard debit card for users in the UK and Europe, offering up to 1% cash or Bitcoin rewards, with no foreign exchange or monthly fees. This move marks Kraken's entry into the increasingly competitive landscape of neobanking.

Kraken is also expanding its Vaults savings feature, providing users with up to 10% yield through decentralized finance protocols. The exchange has also introduced direct deposit services for salaries for users in the EU and the UK.

This competitive trend is significant: Coinbase has long offered debit cards and is exploring stock trading and prediction markets; Crypto.com has also launched similar services; fintech companies like Revolut, Robinhood, PayPal, and Stripe are actively investing in blockchain technology. Robinhood CEO Tenev has even claimed that tokenization will engulf the entire financial system. These companies aim to create comprehensive financial applications that cover services such as payments, investments, and consumption.