Crypto exchange Kraken has announced the launch of a new financial app called Krak that will allow users to send money, including cryptocurrency, globally with low fees.
Functionality of the Krak App
The Krak app is designed to work with both cryptocurrencies and fiat money. Users will be able to send money only to other Krak users or transfer funds to their own bank accounts, making the platform more controlled compared to traditional services.
Plans for Feature Expansion
Co-CEO Arjun Sethi mentioned plans to include physical and virtual debit cards in the app. He also stated that credit cards and loans are in development. The app will offer rewards on certain crypto balances, allowing users to earn up to 10% depending on the asset.
Competition in the Crypto Transaction Market
The launch of Krak coincides with the activities of other major players in the crypto payments market. Companies like Coinbase and JPMorgan are also developing solutions for crypto transactions, intensifying competition in this field.
Krak, the new app from Kraken, aims to capture the remittance market by offering low fees and unique features amid growing competition in the crypto payments sector.
