Cryptocurrency exchange Kraken unveiled Krak, a new mobile payment app that allows users to send digital assets and fiat currencies to recipients in more than 110 countries.
The app supports over 300 currencies and aims to usurp the dominance of established financial apps such as PayPal, Venmo, and Cash App.
Developed to offer a faster and more flexible alternative to traditional finance tools, Krak enables users to transfer money using a unique identifier called a “Kraktag,” eliminating the need to link a bank account for transactions. The app handles both crypto and fiat transfers internally, streamlining cross-border payments.
Kraken co-CEO Arjun Sethi in a statement:
“We believe moving money should be as simple and borderless as sending a message,. With Krak, we’re offering a next-generation tool that challenges outdated financial rails and brings crypto and fiat into a single experience.”
The launch marks a significant step in Kraken’s broader strategy to evolve into a multi-asset financial platform. The San Francisco-based firm has historically focused on crypto trading but is now pushing into areas traditionally dominated by legacy institutions.
The company said users will also be able to earn returns through stablecoin-based yield products within the app, beginning with Paxos’ USDG.
Earlier this year, Kraken moved into traditional markets by offering equities and ETF trading in select U.S. states. The firm also completed a $1.5 billion acquisition of futures trading platform NinjaTrader in March, deepening its footprint in derivatives and traditional finance.
Kraken’s expansion comes after a period of legal uncertainty. In March, the U.S. Securities and Exchange Commission dropped a lawsuit against the company that alleged it was operating as an unregistered securities exchange.
The resolution paved the way for new product development and cleared a major hurdle ahead of Kraken’s planned public listing. Founded in 2011, Kraken is one of the longest-operating digital asset exchanges and has consistently expanded its services to a global user base.
With the launch of Krak, the firm aims to provide a unified interface for money movement, whether users are sending dollars, euros, or Bitcoin, without relying on traditional intermediaries.
Krak is now available to users in eligible jurisdictions, and the company says it intends to roll out additional features in the coming months, including integration with other financial products and enhanced identity tools for enterprise payments.
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