Kraken launches virtual IBANs in four European countries with salary match

Cryptocurrency exchange Kraken announced the launch of virtual International Bank Account Numbers (IBANs) for customers in Latvia, Greece, Croatia, and Hungary through its Krak service.

The virtual IBANs operate on the Single Euro Payments Area (SEPA) infrastructure and begin with the German country code "DE." Customers can receive same-day EUR transfers and native GBP transfers without conversion requirements.

Kraken introduced a "Salary Match" feature that provides up to 1% cashback on salary deposits, capped at €250 per month or €3,000 annually. The company stated that a customer earning €5,000 monthly would receive €50 back each month through this program.

The service requires no application process. Customers open a Krak account, share their IBAN with employers, and automatically qualify for the salary match program when their salary is deposited during a calendar month. Rewards are credited at the beginning of the following month.

The Krak card offers 2% cashback in EUR or Bitcoin on purchases without category restrictions or annual fees. The service also includes Vaults feature, which the company claims provides up to 8% annual percentage yield on USD Coin holdings.

Additional features include fee-free foreign exchange at Mastercard rates and compatibility with employer payroll and accounting systems across the four target countries.

The virtual IBAN service integrates with existing European banking infrastructure, allowing customers to use the accounts for rent, utility payments, and other domestic transactions in their home countries.

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