Crypto exchange Kraken has announced the launch of a new money transfer app, Krak, that could revolutionize international transaction methods.
Launch of Krak: A New Direction for Kraken
On June 26, Kraken unveiled its new app Krak, designed for facilitating international transfers in 110 countries using over 300 fiat and digital assets. This move marks a significant expansion of the company's capabilities beyond crypto trading.
Innovations and Distinctions of Krak from Traditional Fintech Apps
Krak aims to simplify the process of sending money by eliminating the need for bank details and wallet addresses. Instead, users can send funds through "Kraktags" - personalized identifiers. This reduces the risk of errors in entering long addresses and protects personal information.
Potential of Krak to Transform Money Transfers
Krak allows users to flexibly exchange fiat currency and crypto assets, enhancing the experience of international transfers. For example, a user in Nigeria can receive euros and convert them to USDT within the app, then pay a local vendor in naira. This makes Krak a potentially advantageous solution for users facing high fees for international transfers.
With the launch of Krak, Kraken aims to provide users with a more accessible and flexible means of making international transfers, which could significantly alter the fintech landscape.
