Kraken Launches P2P App Krak for Instant Global Payments

Kraken, a prominent global crypto exchange, has expanded its services with the launch of a peer-to-peer (P2P) payments app called Krak. The app, introduced on June 26, enables users to send and receive funds in both cryptocurrency and fiat across over 160 countries. This move positions Kraken as a direct competitor to established payment platforms such as Venmo and PayPal, broadening its offerings beyond traditional crypto trading.

Krak offers a range of features designed to enhance user experience and financial flexibility. Users can send fiat and crypto, including Bitcoin (BTC), to anyone, anywhere, instantly and for free. The app supports over 300 currencies, making it a versatile tool for global transactions. Additionally, Krak allows users to earn up to 10% rewards automatically, pay friends using a unique Kraktag system that eliminates the need for numbers or routing codes, and send money instantly with zero fees. The app aims to free users from the constraints of traditional banking systems, offering a seamless and borderless financial experience.

Kraken's official website highlights several benefits of the Krak app that set it apart from traditional payment apps. Bank transfers through Krak are instant and free in over 160 countries, a significant improvement over the 1 to 5 days and associated fees charged by other apps. Payments are easy to make, with transparent fees that avoid the hidden FX markups common in other platforms. Security is also a priority, with Krak backing user funds with transparent Proof of Reserves (PoR) on major assets.

Arjun Sethi, CEO of Kraken, emphasized the app's ability to facilitate instant cross-border money transfers. The company has invested over a decade in building a robust system for money transmitter licenses across all jurisdictions, ensuring compliance and reliability. Kraken's plans for the future include the launch of a Krak card for global spending and additional services such as pay-in-advance loans and both physical and virtual cards. These developments underscore Kraken's commitment to innovation and its vision of creating a more inclusive and efficient financial ecosystem.