Kraken Launches Krak App for Global Peer-to-Peer Payments

Kraken, a prominent cryptocurrency exchange, has launched a new peer-to-peer payments app called Krak. This move signifies Kraken's expansion beyond its core trading platform into the realm of mainstream financial services. The app, unveiled on Thursday, enables users to send and receive money instantly across more than 160 countries, supporting over 300 assets, including fiat currencies, stablecoins, and cryptocurrencies.

Krak is designed to address long-standing inefficiencies in the global payments system by offering faster, cheaper, and more accessible transactions. Unlike Kraken’s core trading platform, Krak focuses on global payments with near-zero-cost peer-to-peer transfers, positioning it as a direct competitor to traditional payment apps like PayPal and Cash App. Users can move money without needing bank accounts or lengthy wallet addresses, thanks to a simplified system using “Kraktags,” which makes international transactions far more intuitive.

The app supports a wide range of assets, from fiat and stablecoins to crypto, allowing users to choose how they send and receive value. Another key differentiator is Krak’s earning functionality. Users can earn competitive yields, such as 4.1% APR on USDG holdings, and up to 10% on staked crypto, a feature not prioritized in Kraken’s trading app.

Kraken’s goal with Krak is to eliminate friction from global finance by blending the efficiency of blockchain technology with the trust and simplicity of modern mobile banking. The company plans to introduce further products through Krak in the coming months, including physical and virtual cards and pay-in-advance services like collateralized loans. It also offers yield opportunities through stablecoins backed by reserves and staking options on supported tokens.

“We built and launched the Krak app because the financial system has been stuck in the past,” Kraken said in a statement. “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.” As stablecoins and blockchain-based payment systems draw broader interest, Kraken’s pivot signals a belief that the future of money is global, digital, and always on.