Kraken Krak App: Global Money & Crypto – Bangkok Post
Kraken enters the peer-to-peer payments arena with the launch of Krak, a new app facilitating global money and crypto transfers. This groundbreaking move allows users to send and request payments seamlessly across more than 100 countries, supporting both digital assets and fiat currencies. Kraken aims to challenge established payment platforms, expanding its services beyond crypto trading. The app supports 300+ assets, leveraging blockchain and internal cash transfer systems. This story, covered by News Directory 3, reveals KrakenS ambition in the evolving financial landscape. Explore how Kraken plans to introduce new features like cards and loans. Discover what’s next …
Kraken Launches Peer-to-Peer Crypto Payments App, Krak
Updated June 26, 2025
Kraken cryptocurrency exchange logo. (Photo: Bloomberg)
WASHINGTON – Kraken, the cryptocurrency exchange, unveiled krak on Thursday, a new peer-to-peer payments submission. The app facilitates the transfer of both cryptocurrency and traditional currencies across more than 100 countries. This move signifies Kraken’s ambition to broaden its services beyond digital asset trading and positions it as a competitor to established platforms like paypal, Venmo, and CashApp.
The new app provides users with a dedicated account to send and request payments across 300 different assets, encompassing both cryptocurrencies and local currencies. Cryptocurrency transfers leverage blockchain technology, while Kraken handles cash transfers internally, bypassing external banking infrastructure. This expansion into peer-to-peer payments highlights the increasing role of crypto firms in the broader financial landscape.
Kraken’s interest in diversifying beyond digital asset trading is not new. Last month, the exchange announced the upcoming launch of xStocks, tokens representing U.S. equities, in select international markets.
“We’re able to move money across borders right off the bat, because that’s what we do from a trading outlook in our venues, and we’ve actually already spent over 10 years building out that system for money transmitter licenses… in all the jurisdictions,” said Arjun Sethi, co-CEO of Kraken.
”You have to do that as an exchange anyways, and so what we realised is that our customers just wanted to do more with their money,” Sethi added.
What’s next
Kraken intends to introduce additional features to Krak in the future, including physical and virtual cards, as well as advance payment options such as loans.