Kraken Launches Krak App for P2P Payments Across 110 Countries

Kraken has launched Krak, a peer-to-peer payments app designed to facilitate cross-border transfers of over 300 fiat and digital assets, including cryptocurrencies and stablecoins, across more than 100 countries. The app eliminates the need for bank details or wallet addresses by using personalized Kraktags and offers mostly free, instant transactions with transparent fees when applicable. Users can earn up to 4.1% rewards on USDG stablecoin and up to 10% on other digital assets, with future plans for physical and virtual Krak cards as well as lending, loans, and credit card services. Krak leverages Kraken's decade-long experience with money transmitter licenses and operates fiat transfers internally, bypassing traditional banking networks. Positioned as a direct competitor to fintech payment apps like Venmo, Cash App, and Ripple, Krak aims to appeal to both crypto and non-crypto users by combining blockchain technology with user-friendly features. This move is part of Kraken's broader strategy to expand beyond crypto trading into full-service financial tools ahead of its planned 2026 IPO.