The Kraken crypto exchange has announced the launch of its new Krak app for P2P payments, offering users the ability to instantly send and receive funds in both cryptocurrency and fiat.
Launch of the Krak App
On June 26, Kraken introduced Krak – a P2P payment platform that enables users to send and receive funds across over 160 countries. Users can work with more than 300 currencies, including BTC.
Benefits of Krak
According to official information from Krak, the new app offers several advantages over traditional payment systems, such as:
* Instant and free bank transfers in over 160 countries. * Transparency in fees with no hidden currency markups. * Enhanced security and user fund protection through the PoR system.
Future Plans for Kraken
Kraken CEO Arjun Sethi noted that the company spent over 10 years developing its money transmitter licensing system across jurisdictions. Kraken's future plans include launching similar prepay services, including loans, as well as physical and virtual cards.
The launch of the Krak app highlights Kraken's ambition to expand its services and compete with platforms like Venmo and PayPal, offering users new opportunities in the P2P payment space.
