Market News

Crypto Exchange Kraken Launches Krak: A New Era for Peer-to-Peer Payments

On Thursday, Kraken, the renowned crypto exchange, unveiled its new peer-to-peer payment app, Krak.

This app enables users to effortlessly send and receive funds in over 300 digital and fiat currencies across more than 160 countries.

Kraken aims to compete with traditional payment giants like PayPal and Cash App by providing a streamlined, cost-effective alternative to conventional financial systems.

Krak stands out with features like “Kraktags,” which allow users to make transactions without needing complex bank information.

Additionally, users can enjoy attractive yields, including 4.1% APR on specific stablecoin holdings.

Kraken’s co-CEO, Arjun Sethi, emphasized the app's ability to facilitate efficient cross-border transactions directly from their trading infrastructure.

The launch of Krak complements Kraken's recent acquisition of a MiCA license from Ireland's Central Bank, bolstering its regulatory standing in Europe.

Future developments for Krak will include physical debit cards and innovative lending options, further expanding its financial offerings.

As Kraken embraces blockchain technology, it promises to significantly reduce fees and delays typically associated with traditional banking.

This strategic move marks Kraken's commitment to enhancing financial accessibility globally and transforming the way people handle money.