Krak Launches Global Money App to Revolutionize Financial Infrastructure

Krak, a new global money app, is being launched to address the outdated and inefficient financial infrastructure that has plagued the global economy for decades. The app aims to rebuild the most important layer of the global economy: how people move and use money. Traditional banks often run on software built in the 1970s, and many systems powering international payments haven’t been materially upgraded in decades. This fragmentation and risk-averse nature of the traditional system result in slow, costly, and opaque processes for moving money.

Krak is designed to be an all-in-one global money app built from the ground up on crypto infrastructure. It blends the familiarity of traditional finance with the speed, openness, and flexibility of modern blockchain networks. With Krak, users can instantly send and receive funds across 160+ countries using Kraktags, a version of a payment handle. Users can also seamlessly transact across 300+ assets – fiat, crypto, and stablecoins – all in one account. Additionally, users can earn rewards just by holding value in their account, with no subscriptions or lockups required. Soon, users will be able to spend globally with physical and virtual Krak cards.

Krak uses stablecoins fully backed by reserves, allowing users to hold USDG and earn up to 4.1% APR from day one. Users can also earn up to 10% by staking other cryptoassets, with no minimums or hoops to jump through. In the near future, users will be able to borrow directly against their holdings using collateral-based lending, with no credit checks or paperwork required. This permissionless infrastructure allows for faster settlement, lower fees, and more access, as public blockchains settle transactions globally, in real time. Assets are portable, interoperable, and under the user's control, with no intermediaries inserting friction or cost.

Krak aims to make the financial system work better for everyone by removing the friction that currently exists. This includes no wire cutoffs, no 3-day settlements, no 6% fees to send money to family members back home, and no being denied access to one's own funds because of where they live or how much they earn. The app believes that basic financial services should be universally accessible and that money should move as easily as information does. Kraktags remove the need for account numbers or crypto wallet strings, making sending value as intuitive as sending a message.

Krak is just the beginning of a long journey to remove friction from finance, make value move freely, and build something people actually want to use. The goal is clear: to build what comes after the traditional banking system, not to rebuild the banks themselves. The app aims to create a foundation and a core building block for how people everywhere will manage their money in the future. This will involve improving features, refining systems, and hardening systems to ensure that the app is secure, efficient, and user-friendly.