Kraken, the world's oldest crypto exchange, has launched Krak, an app that combines the convenience of everyday finance with the freedom of cryptocurrency.
What is Krak
Krak is a P2P payments app compatible with over 110 countries, enabling users to send, receive, and store more than 300 assets, including cryptocurrencies, stablecoins, and fiat currencies.
Key Features and Capabilities
The app allows users to transfer money globally in seconds using a unique payment ID called a Kraktag. Users can convert crypto to fiat and vice versa, with an integrated conversion feature. Krak is particularly suitable for freelancers, digital nomads, and families who have cross-border financial interests.
Development and Expansion Prospects
In the future, Kraken plans to launch physical and virtual Krak cards, as well as advance payment services including loans and corporate tools for global payments. Despite its current success, the app is not yet available in Australia and sanctioned regions.
With Krak, Kraken aims to revolutionize payment methods by offering instant and seamless transfers using both cryptocurrency and traditional fiat means.
