Kraken Launches Krak App for Global Crypto and Fiat Transactions
Kraken launched the Krak app on June 26, enabling peer-to-peer global money transfers integrating crypto and traditional finance.
- Supports over 300 assets, including fiat and crypto.
- Facilitates fund transfers in more than 110 countries without bank account numbers via “Kraktags.”
- Users can earn up to 4.1% on USDG balances and up to 10% on select assets.
- Internal payments do not require sharing bank details or crypto addresses.
- Utilizes Kraken’s money transmitter licenses and blockchain for transactions.
Future updates will include physical and virtual Krak cards and a suite of loan and credit products, as Kraken expands into tokenized US stocks (xStocks) and integrates features to compete with platforms like PayPal and Venmo.
Kraken also recently acquired futures platform NinjaTrader for $1.5 billion and resolved a legal dispute with the SEC.