Kraken has introduced a new payment application named Krak, aimed at simplifying money transfers in fiat and digital currencies.
Krak: Simplifying Global Payments with Over 300 Supported Assets
The new Kraken payment application allows users to send funds in over 300 supported assets, including fiat currencies, cryptocurrencies, and stablecoins. Available in more than 110 countries, Krak simplifies transfers by assigning each user a unique Kraktag, functioning like a username. This enables users to swiftly send or request payments without entering lengthy bank account numbers or crypto wallet addresses.
Kraken’s CEO, Arjun Sethi, described the app as part of a broader ambition to change how money moves globally.
What Users Can Expect from Kraken’s New Payment App, Krak
The Krak app is designed to make global payments and earning rewards simpler for everyday users. It supports both cryptocurrencies and fiat, making cross-asset transfers seamless. Users meeting the eligibility criteria can earn up to 4.1% APR on USDG balances, and a staking program is also available, offering up to 10% returns on more than 20 digital assets.
Looking ahead, Kraken plans to broaden Krak’s functionality, including the introduction of both physical and virtual Krak cards, alongside a variety of financial products.
Positioning for Growth and Public Listing
Kraken has already taken steps to align itself with traditional financial markets, expanding into derivatives by acquiring the futures trading platform NinjaTrader in a $1.5 billion deal. The company has also secured its MiCA registration in Ireland, granting it the authority to offer services across the EU.
Kraken aims for a public listing with an IPO targeted for early 2026, following what the company sees as a clear regulatory shift in the U.S.
The launch of the Krak app represents a significant step for Kraken in expanding its services beyond cryptocurrency trading, focusing on integrating traditional financial instruments with digital assets.
