The cryptocurrency exchange Kraken has officially entered the digital payments arena with the launch of Krak, a mobile-first app designed to revolutionize how people send and receive money across borders. This new platform enables fast, low-cost transfers of both crypto and fiat currencies to over 110 countries, positioning itself as a modern alternative to legacy financial services like PayPal, Venmo, and Cash App.
With support for more than 300 currencies, Krak aims to simplify international transactions by combining the flexibility of digital assets with the familiarity of traditional money. The app is built on the principle that moving funds should be as easy as sending a text—borderless, instant, and accessible to anyone with a smartphone.
A Unified Financial Experience
At the heart of Krak’s innovation is its use of a unique identifier called a "Kraktag"—a customizable username that replaces the need for sharing bank account details or crypto wallet addresses. Users can send and receive funds simply by entering their recipient’s Kraktag, streamlining peer-to-peer transfers without compromising security.
All transactions—whether in US dollars, euros, or Bitcoin—are processed internally within the app, eliminating reliance on traditional banking rails. This not only reduces fees but also accelerates settlement times, especially for cross-border payments that typically take days through conventional systems.
“We believe moving money should be as simple and borderless as sending a message,” said Kraken co-CEO Arjun Sethi. “With Krak, we’re offering a next-generation tool that challenges outdated financial rails and brings crypto and fiat into a single experience.”
This launch marks a pivotal moment in Kraken’s evolution from a crypto-native exchange into a full-fledged multi-asset financial platform. Founded in 2011, Kraken is one of the longest-operating digital asset exchanges and has steadily expanded its service offerings beyond trading.
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Beyond Trading: Kraken’s Broader Financial Ambitions
Krak is not an isolated product—it's part of a strategic shift by Kraken to compete directly with traditional financial institutions. Earlier in 2025, the company launched 24/7 trading for tokenized U.S. stocks powered by Solana, allowing users to trade equities and ETFs in select U.S. states outside regular market hours.
In March 2025, Kraken deepened its presence in traditional finance with the $1.5 billion acquisition of NinjaTrader, a U.S.-based retail derivatives platform. This move significantly strengthens Kraken’s capabilities in futures and advanced trading tools, appealing to both retail and institutional investors.
These expansions come at a time when regulatory clarity has improved for the firm. The U.S. Securities and Exchange Commission (SEC) dropped a lawsuit in March 2025 that had accused Kraken of operating as an unregistered securities exchange. The resolution removed a major obstacle and cleared the path for new product development—including Krak—and potentially paves the way for a future public listing.
Earning While Transacting: Built-In Yield Opportunities
What sets Krak apart from other payment apps is its integration of yield-generating features. Users won’t just store or send money—they can earn returns directly within the app through stablecoin-based yield products.
The first offering allows users to earn yields on USDG, a regulated stablecoin issued by Paxos. By holding eligible stablecoins in their Krak wallet, users gain access to passive income opportunities without needing to navigate complex DeFi platforms.
This fusion of payments and yield reflects a growing trend in fintech: users expect their money to work for them at every stage—not just when investing, but also while transacting or holding balances.
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Global Reach with Local Flexibility
Krak is now available in eligible jurisdictions and supports a wide range of use cases:
- Sending remittances to family abroad
- Paying freelancers in different countries
- Splitting bills with friends internationally
- Managing personal finances across multiple currencies
The company plans to roll out additional features in the coming months, including enhanced identity verification tools for enterprise clients and deeper integration with other financial services such as budgeting, invoicing, and merchant payments.
By focusing on user experience, financial inclusion, and cross-border efficiency, Kraken aims to attract not only crypto enthusiasts but also mainstream users frustrated by slow, expensive international transfers.
Frequently Asked Questions (FAQ)
Q: What is Krak?
A: Krak is a mobile payment app developed by Kraken that allows users to send and receive both crypto and fiat currencies across borders using a unique identifier called a Kraktag.
Q: In which countries is Krak available?
A: The app is currently available in over 110 countries, with plans for further expansion. Eligibility depends on local regulations and financial infrastructure.
Q: Do I need a bank account to use Krak?
A: No. While users can link bank accounts for funding, transactions between Krak users only require a Kraktag—eliminating the need to share sensitive banking details.
Q: Can I earn interest on funds held in Krak?
A: Yes. Users can earn yield on certain stablecoins like USDG directly within the app, combining everyday payments with passive income opportunities.
Q: Is my money safe in the Krak app?
A: Kraken employs industry-standard security measures including encryption, two-factor authentication, and cold storage for digital assets. As with any financial service, users should follow best practices for account protection.
Q: How does Krak differ from PayPal or Venmo?
A: Unlike traditional apps limited mostly to fiat transfers within specific regions, Krak supports 300+ currencies, enables global crypto transactions, offers built-in yield, and uses decentralized identifiers (Kraktags) instead of bank-linked usernames.
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The Future of Money Movement
With Krak, Kraken isn’t just launching another app—it’s reimagining the foundation of global payments. By merging crypto innovation with real-world utility, the company is addressing long-standing pain points in remittances, international commerce, and financial accessibility.
As more users demand faster, cheaper, and more inclusive financial tools, platforms like Krak represent the next wave of fintech evolution—one where digital assets and traditional money coexist seamlessly in a single interface.
For millions around the world who rely on cross-border payments, Kraken’s entry into the payments space could mark the beginning of a more connected and equitable financial future.