Kraken Launches Krak App for Fast, Low-Cost Global Payments

Kraken, a prominent cryptocurrency exchange, has introduced a new payments application named Krak. This app is designed to facilitate fast and low-cost money transfers across both fiat currencies and digital assets, marking a strategic shift for the company as it expands beyond crypto trading into broader financial services.

The Krak app supports over 300 assets, including fiat currencies, cryptocurrencies, and stablecoins, and is available in more than 110 countries. The app simplifies transfers by assigning each user a unique Kraktag, which functions like a username, allowing users to send or request payments quickly without needing to enter long bank account numbers or crypto wallet addresses.

Kraken’s chief executive, Arjun Sethi, described the app as part of a broader ambition to redefine how money moves globally. He explained that this effort is crucial due to the important role money movement plays in the global economy. Sethi stated, "With Krak, we’re taking a bold step toward rebuilding what we consider to be the most important layer of the global economy: How people move and use money. For as long as I can remember, moving money has felt broken. It’s one of those fundamental things you expect to work, and yet whether you’re sending a few dollars to a friend or wiring funds across continents, the process is slow, costly and frustratingly opaque. That shouldn’t be the case in 2025."

Kraken’s Krak app is built to make global payments and earning rewards simpler for everyday users. The app supports crypto, stablecoins, and fiat, making cross-asset transfers seamless. With Spend and Earn accounts, users can pay or earn rewards with zero lock-ups or fees. At launch, users who meet eligibility can earn up to 4.1% APR on USDG balances. A staking programme is also available, offering up to 10% returns on more than 20 digital assets.

Looking ahead, Kraken intends to broaden Krak’s functionality. One key development in progress is the introduction of both physical and virtual Krak cards. Additionally, the app will be expanded to include various financial products, bringing it in line with mainstream digital banking services. Planned offerings include lending facilities, loan services, credit card options, and potentially, pay-later features. These initiatives are set to enhance Krak’s competitiveness against major fintech players by offering crypto-native solutions alongside traditional financial instruments.

This rollout forms part of Kraken’s wider strategy to diversify its business model. The exchange is moving towards an integrated approach, combining the functionality of a digital asset platform with conventional financial service offerings. Kraken has already taken steps to align itself with traditional financial markets. In March, Kraken expanded into derivatives by acquiring the futures trading platform in a deal. In a separate move, the exchange has secured its registration, giving it the green light to offer services across the EU. Kraken also has plans to go public, with an IPO targeted for early 2026. The move follows what the company sees as a clear regulatory shift, giving it the green light to proceed.