Kraken Launches Global P2P Payments App Krak

Kraken, a prominent cryptocurrency exchange, has launched Krak, a new peer-to-peer (P2P) payments app designed to facilitate global money transfers. The app allows users to send and receive funds in both cryptocurrency and fiat currency, supporting over 300 assets. This move by Kraken aims to disrupt traditional banking by offering a more seamless and efficient way to handle financial transactions across borders.

Krak is available in 110 countries, making it one of the most widely accessible financial apps in the market. The app leverages blockchain technology to ensure secure and transparent transactions. Users can send and receive funds using a variety of assets, including cryptocurrencies, stablecoins, and fiat currencies. This versatility makes Krak a powerful tool for individuals and businesses looking to conduct international transactions without the hassle of traditional banking systems.

The launch of Krak is a significant step for Kraken, as it expands its services beyond cryptocurrency trading. By offering a comprehensive financial super-app, Kraken is positioning itself as a leader in the fintech industry. The app's ability to handle both crypto and fiat transactions makes it a versatile tool for users who want to manage their finances in a single platform. This move is likely to attract a broader user base, including those who are new to cryptocurrency but are interested in the benefits of blockchain technology.

Krak's global reach is another key feature that sets it apart from traditional banking apps. With support for 110 countries, the app provides a convenient way for users to send and receive funds across borders. This is particularly beneficial for individuals and businesses that operate internationally, as it eliminates the need for multiple banking accounts and reduces the complexity of cross-border transactions.

The app's user-friendly interface and robust security features make it an attractive option for users who value convenience and safety. By leveraging blockchain technology, Krak ensures that all transactions are secure and transparent, giving users peace of mind when conducting financial transactions. The app's ability to handle a wide range of assets also makes it a versatile tool for users who want to diversify their financial portfolios.

Kraken co-CEO Arjun Sethi emphasized that the app was built to compete with a financial system "stuck in the past." He added that with Krak, the company is taking a bold step toward rebuilding what they consider to be the most important layer of the global economy: how people move and use money. The exchange also noted that sending payments using fiat money—such as U.S. dollars, pounds, or euros—would be done internally, without users needing to register a bank account. Clients instead have a username called a "Kraktag," similar to how payment apps like Cash App, WISE, and PayPal work.

Users can also earn yield with Paxos' USDG stablecoin, the exchange added. The debut comes as Kraken, one of the biggest crypto exchanges in the world, offers new products, including stocks and exchange-traded fund trading in certain U.S. states. Kraken has been looking to expand as it emerges from regulatory headwinds. In March, the U.S. Securities and Exchange Commission agreed to drop a lawsuit against Kraken that alleged it was operating as a securities exchange. Sethi said at the time that while "traditional markets run on post-WWII, 1950s banking systems," today's acquisition was the beginning of Kraken's move to become an "institutional-grade trading platform where any asset can be traded, anytime."

The firm has confirmed that it is planning to go public. This strategic move by Kraken to launch Krak and expand its services beyond cryptocurrency trading positions the company as a leader in the fintech industry. As the demand for blockchain-based financial solutions continues to grow, Krak is well-positioned to meet the needs of users around the world.