Kraken Launches Krak Payment App for Global Crypto and Fiat Transfers

By: Eva Baxter

Kraken, the prominent cryptocurrency exchange, has taken a bold step into the financial services sector with the launch of its innovative mobile payment app, Krak. This app offers users the ability to send both digital assets and fiat currencies across over 110 countries. The application supports more than 300 currencies, making it a significant contender against well-established financial services like PayPal, Venmo, and Cash App.

In an effort to revolutionize how financial transactions are conducted, Krak eliminates the need for users to link bank accounts with the introduction of a unique "Kraktag" identifier. This pioneering feature allows seamless, borderless transfers of money, aligning with Kraken's vision of simplifying the movement of money globally. According to Kraken co-CEO Arjun Sethi, "We believe moving money should be as simple and borderless as sending a message."

The launch of Krak represents an ambitious move in Kraken's strategy to evolve beyond crypto trading into a comprehensive, multi-asset financial platform. Earlier ventures included introductions to traditional markets with the provision of equities and ETF trading in select U.S. states. Additionally, the acquisition of NinjaTrader, a futures trading platform, for $1.5 billion earlier in the year has augmented its foothold in both derivatives and traditional finance. The firm's successful navigation through past legal challenges, including a lawsuit from the U.S. Securities and Exchange Commission, has allowed it to focus on new product developments.

Krak users can expect a unified interface for transacting in various currencies, including dollars, euros, and Bitcoin, without the reliance on traditional financial intermediaries. With plans for additional features such as yield products and enterprise-focused identity tools, Kraken continues to push the envelope for financial innovations. The app is currently accessible to users in specific jurisdictions, signaling a step towards Kraken's long-term goals of enhanced financial service offerings and sustained growth in global markets.