PANews reported on November 25th that, according to The Block, Kraken announced the launch of its Krak app in the UK and Europe as a Mastercard debit card, supporting real-time payments across multiple assets with a 1% cashback. It also launched "Vaults," a DeFi protocol-connected platform with a target annualized return of over 10%, and supports direct salary deposits via IBAN. Kraken aims to establish Krak as a primary multi-asset account, a viable alternative to traditional bank accounts. Kraken emphasizes that Krak is not a bank and does not offer FSCS or FDIC insurance, but promises 1:1 fiat currency custody and leverages its licensed operations under the EU's MiCA regulatory framework to expand related services.