Kraken has announced the launch of its new product - the Krak app for P2P payments, which targets both cryptocurrency and fiat money.
Krak App: Simplicity and No Fees
The Krak app enables users to send money anywhere in the world without any transaction costs. It supports over 300 cryptocurrencies, making it accessible for both experienced crypto investors and those preferring traditional currencies. Users can earn up to 10% in rewards on deposits, including 4.1% on the stablecoin USDG.
Kraken's Strategy: Growth and IPO
The launch of Krak is part of a broader strategy for Kraken, aiming for an IPO in 2026. The app is designed to expand the company's financial services, which also introduced tokenized stocks for global users and reduced fees on U.S. stock trades. According to Co-CEO Arjun Sethi, "the financial system is stuck in the past," and Krak represents a step towards the future of finance.
Krak vs Ripple: A New Payment Approach
Unlike Ripple, which focuses on institutional payments, the Krak app emphasizes P2P transactions. This key difference could attract users tired of hidden fees and slow transfers. Kraken aims to carve its niche as global regulatory norms for crypto services continue to evolve.
The launch of Krak by Kraken may reshape users' perceptions of modern financial tools, offering simplicity and security without additional costs.
