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The case for Kraken's new cash back debit card is that crypto has matured from a trading asset into infrastructure for everyday financial products.
What complicates it is that a debit card is among the most competitive products in consumer finance, and Kraken, the crypto exchange, is making its play through a fintech app it built to compete directly for consumer wallets.
The cash back card is the mechanism Kraken is using to claim the consumer wallet slot: the place that determines which card someone reaches for by default. The ambition is a read-through from exchange to spending rail.
A user who keeps a Kraken card in their wallet has a live relationship with the company across everyday purchases, beyond the transactional moment of a trade.
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