Kraken Launches No-Fee Payments App Krak Supporting 300 Assets

Crypto exchange Kraken has launched a new peer-to-peer payments app called Krak, marking its entry into the global payments space. The app allows users to send and receive funds in both cryptocurrency and fiat across borders with no fees. Krak supports over 300 assets and includes debit cards, enabling users to spend their crypto holdings seamlessly. The app is designed to operate in over 110 countries, making it a significant player in the international payments landscape.

Kraken's move into the payments sector is a strategic response to the growing competition in the digital payments industry. By offering a no-fee, all-in-one solution, Krak aims to rival established players. The app's ability to handle both crypto and fiat transactions without requiring an IBAN or wallet address makes it accessible to a broader user base, including those who may be new to cryptocurrency.

The launch of Krak is part of Kraken's broader strategy to expand its services and attract more users to its platform. By integrating payments into its existing exchange services, Kraken is positioning itself as a comprehensive financial services provider. This move could potentially drive more users to adopt cryptocurrency for everyday transactions, furthering the mainstream acceptance of digital assets.

Kraken's entry into the payments race with Krak is a significant development in the crypto industry. The app's no-fee structure and support for a wide range of assets make it a competitive offering in the digital payments market. As Kraken continues to expand its services, it will be interesting to see how other players in the industry respond to this new challenge.