- Kraken's new app, Krak, enables users to send and receive over 300 crypto and fiat currencies in more than 110 countries.
- Users can send money without bank accounts using a unique "Kraktag" and earn yield on USDG stablecoins.
Kraken has launched a new peer-to-peer payments app, Krak, allowing users to send and receive more than 300 digital and fiat currencies across 110+ countries.
The San Francisco-based crypto exchange aims to rival major fintech players like PayPal, Cash App, and Venmo, marking a significant expansion into traditional finance.
A New Layer of Financial Mobility
"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," said Kraken co-CEO Arjun Sethi.
The app supports every digital token and fiat currency available on Kraken’s main platform, including integration with layer-2 networks like Bitcoin’s Lightning Network.
Unlike traditional banking services, users don’t need to register a bank account to send payments in fiat such as U.S. dollars, euros, or pounds. Instead, they use a unique ID called a “Kraktag,” similar to identifiers used in other cash apps.
Flexible Use Cases Around the Globe
Mark Greenberg, Kraken’s Global Head of Consumer, said Krak is designed for a range of scenarios:
“If you're in the United States, or if you're in Canada, like me—it's actually really hard to move money to friends in the United States, and I can use Krak to do that.”
He added that people in high-inflation countries can store assets in dollar-based stablecoins and even earn yield through Paxos’ USDG.
Users can also hold payroll in Bitcoin and spend it via linked cards. Most deposits and many withdrawals are free, with Kraken working to eliminate all fees eventually.
The launch of Krak follows Kraken’s broader push into traditional finance. It recently announced plans to offer stock and ETF trading in select U.S. states and acquired futures platform NinjaTrader for $1.5 billion.
Edited by Annette George
