Kraken Unveils Peer-to-Peer Payments App — What Sets It Apart?

Kraken has launched a new peer-to-peer payments app called Krak, marking its expansion into mainstream financial services beyond its traditional crypto trading platform.

The app, released on Thursday, allows users to send and receive money instantly across more than 160 countries, supporting over 300 assets, including fiat currencies, stablecoins, and cryptocurrencies. Krak aims to address global payment system inefficiencies by offering faster, cheaper, and more accessible transactions.

Unlike Kraken’s core trading platform, Krak focuses on global payments, offering near-zero-cost peer-to-peer transfers to rival traditional money apps like PayPal and Cash App. The app enables users to send money without needing bank accounts or long wallet addresses, thanks to its simplified “Kraktags” system, making international transactions easier.

Additionally, Krak supports a variety of assets, from fiat and stablecoins to cryptocurrencies, giving users flexibility in how they send and receive funds. A unique feature of Krak is its earning functionality, allowing users to earn competitive yields such as 4.1% APR on USDG and up to 10% on staked crypto—something not prioritized on Kraken's main trading platform.

Kraken developed the Krak app to address the outdated financial system. The company claims that traditional payment methods are slow, costly, and inefficient, and they aim to change that by 2025.

In the future, Kraken plans to introduce more features for Krak, including physical and virtual cards and pay-in-advance services like collateralized loans. It also provides yield opportunities through stablecoins and staking on supported tokens.

Kraken’s goal with Krak is to streamline global finance by combining blockchain efficiency with the trust and simplicity of modern mobile banking. As blockchain-based payment systems and stablecoins gain traction, Kraken believes the future of money is global, digital, and always accessible.