Crypto exchange Kraken has launched Krak, a new peer-to-peer payments app allowing users to send and receive funds in cryptocurrency and fiat currency across over 100 countries. This move expands Kraken's offerings beyond digital asset trading, putting it in competition with services like PayPal, Venmo, and CashApp. Krak users will have a dedicated spend account and can instantly transfer across 300 assets.
Crypto exchange Kraken debuts peer-to-peer payments app Krak
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TL;DR: Key points with love ❤️Crypto exchange Kraken has launched Krak, a new peer-to-peer payments app allowing users to send and receive funds in cryptocurrency and fiat currency across over 100 countries. This move expands Kraken's offerings beyond digital asset trading, putting it in competition with services like PayPal, Venmo, and CashApp. Krak users will have a dedicated spend account and can instantly transfer across 300 assets.
Trending- 1 Over 10 years prior: Kraken built out its system for money transmitter licenses.
- 2 Last month: Kraken announced launching xStocks.
- 3 Thursday (June 26, 2025): Kraken launched Krak app.
- 4 Future: Kraken plans to launch physical/virtual cards and pay-in-advance services through Krak.
- Increased competition in the peer-to-peer payments market
- Expansion of Kraken's business model
- Future product launches planned for Krak (physical/virtual cards, pay-in-advance services)
What: Crypto exchange Kraken launched a new peer-to-peer payments app called Krak.
When: Launched Thursday (June 26, 2025).
Where: New York (reporting location), over a hundred countries (app's reach).
Why: Kraken aims to expand its offerings beyond digital asset trading and allow customers to do more with their money, leveraging its existing money transmitter licenses and cross-border infrastructure.
How: Kraken developed and released the Krak app, which utilizes blockchain technology for crypto transfers and internal systems for cash transfers, bypassing external banking infrastructure.