Key Points
- On June 26, the crypto exchange Kraken debuted a P2P payments app called Krak.
- Krak enables users to send and receive funds in crypto and fiat across over 160 countries.
The Kraken crypto exchange announced the launch of a peer-to-peer payments app called Krak on June 26.
Kraken is one of the most important crypto exchanges in the world, and its latest launch expands its offerings beyond its crypto business, turning the platform into a direct competitor to Venmo, PayPal, and other payment apps.
Kraken Debuts Krak P2P Payments App
In a post on X, Kraken revealed Krak - the money app for people who want more:
- Ways to pay
- Freedom to send
- Opportunities to grow
- Rewards and money
The crypto exchange also shared a promotional video, highlighting that Krak users will be able to send fiat and crypto, including BTC, to anyone, anywhere, instantly for free. The app is available in over 160 countries, and users can send over 300 currencies.
The app also allows the following:
- Earning up to 10% rewards automatically
- The option to pay friends like sending a DM using Kraktag, without the need for numbers or routing codes
- Sending money anywhere instantly with zero fees
- Freeing money from borders and bank delays
Kraken says the Krak app is instant, easy, and global.
Kraken's official website reveals that a Krak card will be launched soon for global spending with no borders.
Krak Benefits
According to the official website of Krak, the new app has some benefits surpassing traditional payment apps:
- Bank transfers are instant and free in over 160 countries, unlike the 1 to 5 days and fees used by other apps, which have more limited reach.
- Payments will be easy, and fees are transparent, unlike other apps, which have FX markups hidden in rates.
- Krak promises higher security, backing user money with transparent PoR on major assets.
Kraken's CEO, Arjun Sethi, said during a recent interview with Reuters press agency that with Krak, users can send money across borders instantly, and the team has spent more than 10 years building out the system for money transmitter licenses in all jurisdictions.
According to Reuters, Kraken plans to launch pay-in-advance services like loans, besides physical and virtual cards.
