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A debit card draws directly from an account balance rather than extending credit. That makes it closer to spending cash than borrowing it.
Kraken, the cryptocurrency exchange, has launched one with cash back rewards, and the move is a direct attempt to claim space in consumer wallets that already hold cards issued by traditional banks.
The launch carries a structural argument. Kraken's position is that crypto is no longer only an asset class, a category of investment people buy and hold for potential appreciation.
It is, in the exchange's framing, becoming infrastructure: the underlying layer powering mainstream financial products, including spending cards. Worth holding it separately from the product itself.
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