Kraken has introduced its Krak app in the UK and Europe, offering a Mastercard debit card that supports real-time payments across multiple assets and provides 1% cashback. The app also features "Vaults," a platform connected to DeFi protocols with a target annualized return of over 10%, and supports direct salary deposits via IBAN. Kraken aims to position Krak as a primary multi-asset account, serving as an alternative to traditional bank accounts. While Krak is not a bank and lacks FSCS or FDIC insurance, it ensures 1:1 fiat currency custody and operates under the EU's MiCA regulatory framework to expand its services.