Krak
Kraken's move from exchange to money app: spend, yield and P2P Kraktags on one balance.
Kraken's global money app; Kraktag P2P, IBAN salary, UK/EEA Mastercard.
- Who holds it
- A licensed crypto-asset custodian holds the assets on your behalf — US state licenses; MiCA (EU).
- The ledger
- The custodian’s books, reconciled against on-chain balances.
- If it fails
- Recovery hinges on the custodian’s solvency and how cleanly client assets are segregated.
Derived from Krak’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | hybrid |
| HQ | San Francisco, US |
| Founded | 2025 |
| Custody | Custodial |
| Regulation type | MiCA CASP (EU) |
| License detail | US state licenses; MiCA (EU) |
| Card | MC · Debit (metal tiers) |
| Cashback | Up to 2% (cash or BTC) |
| Yield | Up to 8% APY (Vaults) |
| Stablecoins | Yes |
| KYC | Yes |
| Active regions | North America, Europe, Latin America, Africa, MENA, Asia, Oceania |
| Countries | European Union, United Kingdom |
| Founders | Kraken |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @krakenfx ↗
Common questions about Krak
What is Krak?
Krak is a fiat-and-crypto neobank, headquartered in San Francisco, US and founded in 2025. Your money is held custodially, so Krak or its partner bank holds the balance and you hold a claim on it. It is regulated as a MiCA CASP (EU) (US state licenses; MiCA (EU)).
Does Krak have a card, and where can you use it?
It issues a Mastercard debit (metal tiers) card. It is available in 2 countries, across all 7 world regions tracked here.
Does Krak require KYC?
Yes. Krak requires identity verification (KYC) to open an account, as a mica casp (eu).
What does Krak cost?
From the verified fields: cashback Up to 2% (cash or BTC); yield Up to 8% APY (Vaults). Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Krak before relying on them.
Early investors
Peers
Revolut · Cash App · Mercado Pago · Mogo · Venmo · Robinhood
Krak appears in
Neobanks authorised as crypto-asset service providers under MiCA (8) · Neobanks available in North America (126) · Neobanks available in Europe (144) · Neobanks available in Asia (132) · Neobanks available in Oceania (72) · Neobanks available in Latin America (113) · Neobanks available in Africa (92) · Neobanks available in MENA (85) · Neobanks that issue a Mastercard (150) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.