tl;dr
Crypto exchange Kraken has launched Krak, a peer-to-peer payments app to compete with Cash App and Venmo. The app allows users to send and receive payments in over 300 currencies, including cryptocurrencies, across more than 110 countries. Krak supports all fiat currencies and digital tokens availab...
Kraken has launched Krak, a peer-to-peer payments app designed to rival Cash App and Venmo on a global scale. Krak supports over 300 currencies, including both fiat and cryptocurrencies, enabling seamless transfers across more than 110 countries. The app eliminates the need for bank accounts by using usernames called "Kraktags" for easy sending and receiving of funds.
Krak offers free deposits and many free withdrawals, making it cost-effective for users. Its features cater to diverse financial needs such as domestic money transfers within the U.S., earning yield on stablecoins in inflation-prone regions, and holding payroll in Bitcoin for everyday spending. Technical integrations include layer-2 scaling networks like Bitcoin’s Lightning Network, enhancing transaction speed and reducing costs.
In addition to Krak, Kraken is broadening its financial services by introducing stock and ETF trading in select U.S. states. The company also acquired futures trading platform NinjaTrader for $1.5 billion, signaling a strategic expansion into institutional-grade, multi-asset trading. This move aligns with Kraken’s intention to overcome past regulatory challenges and transition into a public entity.
Kraken’s leadership emphasizes rebuilding the foundational layer of the global economy: the movement and use of money. The innovative approach in Krak aims to democratize access to both traditional and digital assets, offering users more freedom, payment options, and opportunities to grow financially. As Kraken navigates regulatory landscapes, its future as a multi-asset trading hub appears promising and primed to disrupt conventional financial systems.