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Krak Card · NorriWire
Krak Card
Kraken (Payward) via Monavate UAB · MASTERCARD debit
Issuer is MiCA-licensedEMI LT★ 4.3 / 5
Krak Card is Kraken's new Mastercard Debit product (launched 2025-11-25), issued to EEA clients via Monavate UAB (Lithuanian EMI, Lietuvos bankas licence No. 92). Tiered cashback 0.5-2% based on total Kraken balance (€200 - €50,000+), paid in EUR/GBP or BTC. Metal Card for €50,000+ balance users (launched 2026-03-31). 0% FX markup, no monthly fee, no ATM fees from Krak.
NorriWire does not maintain an affiliate agreement with this issuer.
Cashback
2.0%
BTC
Monthly fee
Free
FX markup
0.00%
over ECB
Fees
Issuance
Free
Monthly fee
Free
FX markup
0.00%
Free ATM per month
—
ATM fee thereafter
0.00%
Card replacement
€0.00
Features
✓Physical card
✓Virtual card
✓Contactless payments
✓Apple Pay
✓Google Pay
✓Support for 400+ crypto balances
Supported fiat currencies: EUR, GBP, USD
Pros
✓Monavate UAB - Lietuvos bankas EMI (licence No. 92) - Norriwire regional proximity
✓Tiered cashback 0.5-2% based on Kraken balance (simple requirement)
✓Cashback in EUR/GBP or BTC by choice
✓0% FX markup on all currency conversion
✓Free monthly fee, free issuance
✓Metal Card variant for €50,000+ balance users
✓Krak app ecosystem (salary, vaults, concierge)
✓Available in all 30 EEA countries
✓400+ assets (crypto + fiat) as spending source
✓Kraken 15-year security track record
Cons
✗The card is new (launched 2025-11-25), UX still being battle-tested
✗Dependent on Monavate UAB as the EMI issuer
✗Cancellation fee if you cancel <6 months from issuance
✗2% top cashback requires €50,000+ Kraken balance
✗Krak ecosystem still evolving - functionality may change
Full review
Krak Card - Kraken's Mastercard Debit, issued by a Lithuanian EMI, with 0.5-2% cashback
Krak Card is Kraken's new Mastercard Debit product, officially launched in Europe on 25 November 2025. For EEA clients the card is issued through Monavate UAB (a Lithuanian EMI, Lietuvos bankas licence No. 92) - meaning that for Baltic and Norriwire-region users the card issuer is in fact based in Lithuania, making it one of the more regionally close crypto cards.
On 31 March 2026 Kraken announced a major product update - the Metal Card launch with the top cashback raised to 2% for larger balance holders. The card is part of Kraken's broader strategy to turn the Krak app into an "everything account" - an alternative to traditional neobanks.
Quick facts
Item
Status
Issuer (EEA)
Monavate UAB (Lithuania, Lietuvos bankas)
Issuer (UK)
Monavate (UK FCA Firm Ref. 901097)
EMI licence
Lietuvos bankas licence No. 92
Mastercard licence
Yes (Monavate via Mastercard International Inc.)
Product names
Krak Card (Plastic) + Krak Metal Card
Launch date
2025-11-25
Metal launch
2026-03-31
Network
Mastercard Debit
Card formats
Physical + virtual
Tier basis
Kraken balance held
Min cashback
0.5% (€200+ balance)
Max cashback
2.0% (€50,000+ balance + Metal Card)
Cashback currency
EUR/GBP or BTC
Issuance fee
Free
Monthly fee
Free
FX markup
0%
ATM fees from Krak
None (Mastercard network operator may charge separately)
✗No LV/LT/EE UI localisation (English only)
Supported assets
400+ cryptocurrencies + fiat
Available across the EEA
All 30 countries (LV/LT/EE/FI/SE/NO/DK included)
Apple Pay and Google Pay
Yes
Why Monavate UAB in Lithuania is a meaningful detail
Most crypto cards in Europe are issued via a Maltese EMI (Foris DAX MT Limited for Crypto.com, eToro Money Malta Ltd) or Irish/UK partners. The Krak Card for EEA clients is issued by Monavate UAB - a Lithuanian EMI. That matters for several reasons:
1. Regional proximity. The Lithuanian regulator (Lietuvos bankas) sits inside the Norriwire target region. For Latvian, Estonian and Lithuanian users this adds an extra level of trust - the card is regulated in a neighbouring jurisdiction.
2. Lietuvos bankas EMI licence No. 92. Monavate UAB operates under a PSD2 EMI licence issued by Lietuvos bankas. That is the same regulator that oversees several other Norriwire-region service providers (e.g. Simplex Banking).
3. EEA passport. Monavate UAB can provide services across all 30 EEA countries via the Lithuanian EMI passport. That covers all 7 Norriwire target countries.
4. Mastercard network. Monavate is a principal member of Mastercard International Inc., allowing it to issue Mastercard cards directly to clients.
Reward structure - tiered cashback by balance
The Krak Card's unique reward structure is tied to total Kraken balance held. Unlike Crypto.com Visa Card, which requires CRO token staking, or eToro Money Card, which charges $4.99/mo, Krak uses the simplest model - the total client assets across the Kraken ecosystem (Kraken + Kraken Pro + Krak app) determine the tier.
Cashback tier structure (announced 2026-03-31):
Kraken balance held
Cashback percentage
Card type
€200 - €5,000
0.5%
Plastic Krak Card
€5,000 - €20,000 (approx.)
~1.0%
Plastic Krak Card
€20,000 - €50,000 (approx.)
~1.5%
Plastic Krak Card
€50,000+
2.0%
Krak Metal Card
Cashback is paid in either EUR/GBP (the card's base currency) or Bitcoin (BTC), at the user's choice. Conversion happens at month-end based on the average Bitcoin price.
Practical example: a user with €25,000 in a stable EUR balance on Kraken and €1,500/mo spending on the Krak Card at ~1.0% cashback earns ~€15/mo = €180/year. That is worth comparing to Bitvavo's free service which has no cashback - €180/year is a real upside.
Historical context - Kraken's strategy to turn Krak into a neobank alternative
The Krak Card is not a standalone product launch - it is part of a broader Krak ecosystem that Kraken positions as an alternative to traditional banks and neobanks. The Krak app includes:
1. Krak Card. A Mastercard Debit with tiered cashback (this profile).
2. Salary deposits. Receive salary into the Krak account and auto-convert to EUR or BTC.
3. High-yield vaults. EUR/USD/GBP interest accounts with competitive yields.
4. In-app concierge (2026-03-31 launch). Premium customer service for Metal Card holders.
5. 400+ asset support. Spend from any asset on the Kraken account - the system auto-converts to fiat at the point of sale.
Key milestones:
2025-11-25 - Krak Card initial launch in UK + EEA with 1% Bitcoin cashback
2026-03-31 - major update: Metal Card launch, tiered cashback raised to 2%, in-app concierge
This is only a few-month-old product line, pointing to Kraken's aggressive push against traditional neobanks (Revolut, N26) and crypto-card competitors (Crypto.com, eToro, Bitpanda).
Pricing - why 0% FX and 0% monthly fee matter
The Krak Card's economic model is built on maximum transparency with no hidden fees:
Service
Fee
Plastic Krak Card issuance
Free
Krak Metal Card issuance
Free (for €50,000+ balance users)
Monthly fee
€0
Annual fee
€0
FX markup
0%
ATM fee (Krak side)
€0 (the Mastercard network operator may charge its own fees)
Apple Pay and Google Pay
Free
Card replacement
Depends on reason (usually free)
Cancellation <6 mo from issuance
Small fee (Monavate terms)
The key headline: 0% FX markup on all currency conversion. That competes with Wise and Revolut Premium offers, but is free for every user.
Krak Card's 2% max cashback is not the largest number on the market, but the stable EUR balance requirement is less risky than Crypto.com's 5% (which requires staking volatile CRO).
MiCA, e-money licensing and security
Krak Card's legal structure is interesting - it sits under two layers of supervision:
Layer 1: Card issuer Monavate UAB (Lithuania).
E-money licence: Lietuvos bankas, licence No. 92
Service agreement: between the user and Monavate UAB
E-money client fund segregation: yes (PSD2 EMI requirement)
Mastercard network: Monavate is a principal member
Layer 2: Kraken (Payward Europe Solutions Limited, Ireland).
MiCA CASP licence: Central Bank of Ireland, 2025-06-26 (No. C559106)
Kraken crypto services: regulated separately
Krak Card and Krak app interfaces: owned by Kraken
Client KYC and AML: coordinated between Kraken and Monavate
This dual structure is typical in the crypto-card industry - crypto exchanges are often not e-money institutions themselves, and use partner BIN sponsors. Unlike eToro Money Card (where eToro Money Malta Ltd is both the EMI and an eToro-related entity), the Krak Card actually uses an independent third-party EMI - Monavate.
Security aspects:
Mastercard Zero Liability policy against fraud
3D Secure for online payments
Kraken's core exchange security track record (15 years with no major incidents)
Monavate's UK FCA reputation (Firm Ref. 901097)
Five real risks and warnings
1. The card is new (2025-11-25 launch). The first six months show solid initial performance, but the UX, support processes and edge-case scenarios haven't yet been fully battle-tested in production. The 2026-03-31 Metal Card launch indicates active product development.
2. Dependence on Monavate as the card issuer. If Lietuvos bankas were to revoke Monavate UAB's EMI licence (unlikely but theoretically possible), Krak Card operations in the EEA would temporarily be suspended. This is a standard EMI dependency risk in the crypto-card industry.
3. Cancellation fee <6 months. Monavate may charge a fee if you cancel within 6 months of card issuance. That is not a standard neobank approach (Revolut, N26 don't do this) - worth keeping in mind if you only want to test the card briefly.
4. The 2% tier requires a €50,000+ Kraken balance. For most Latvian/Baltic users that is a high threshold. For the average user (€5,000-€20,000 balance) the actual cashback is 0.5-1.0%.
5. The Krak app and card ecosystem is still evolving. Salary deposits, high-yield vaults and other features are relatively new products. Functionality and pricing may change through 2026-2027.
Who Krak Card really fits
Existing Kraken users. If you already have a Kraken account with a €5,000+ balance, adding the Krak Card is a natural step. Cashback comes off a balance you already hold.
Baltic region users. Monavate UAB in Lithuania as the EMI issuer is closer to the region than Malta-based alternatives. The Lietuvos bankas regulator is familiar and trusted in a Baltic context.
Multi-currency users. 0% FX markup across EUR/GBP/USD plus 400+ crypto assets as a spending source is a competitive combination.
Premium users with a €50,000+ balance. Metal Card and 2% cashback (€1,200/year on €5,000/mo spending) is worth it.
Krak Card does not fit:
Complete beginners without a Kraken account (start with Crypto.com Visa Midnight Blue free tier)
An interesting observation: Revolut Bank UAB is also based in Lithuania (like Monavate UAB). That points to Lithuania's growing role as a European neobank regulatory jurisdiction.
Verdict
Krak Card is not a scam - it is a Mastercard Debit card issued by Monavate UAB (a Lithuanian EMI), launched by Kraken on 2025-11-25 and materially upgraded on 2026-03-31 with the Metal Card and a 2% cashback bump. It is regulated by two independent regulators: Lietuvos bankas (the card's EMI) and the Central Bank of Ireland (Kraken's MiCA CASP).
The main appeal for the Norriwire region: the card is issued in Lithuania, not Malta or another distant jurisdiction. That brings regional proximity that is psychologically and practically important for Baltic users.
Remember: Krak Card will never ask for your CVV by phone or email. Neither Kraken nor Monavate UAB offers a "card verification" via that channel. All secure card operations go through the Krak app or official Kraken/Monavate channels. If someone writes from "Krak Card support" asking for CVV or PIN - it is a scammer.
Pricing and feature data verified against Kraken (Payward) via Monavate UAB's official source: 16 May 2026 (52 days ago) — data may be outdated, review scheduled soon.
