Kraken Introduces Krak: A Global Payments App for Crypto and Cash Transfers

Cryptocurrency exchange Kraken has launched a new payments application named Krak, designed to facilitate fast, low-cost money transfers across both fiat currencies and digital assets. The app marks a strategic shift for the company as it expands beyond crypto trading into broader financial services.

Krak: Simplifying Global Payments with Over 300 Supported Assets

The new Kraken payment system allows users to send funds in over 300 supported assets, including fiat currencies, cryptocurrencies, and stablecoins.

Available in more than 110 countries, Krak simplifies transfers by assigning each user a unique Kraktag, which functions like a username. Instead of entering long bank account numbers or crypto wallet addresses, users can send or request payments quickly using this personalised tag.

Kraken’s chief executive, Arjun Sethi, described the app as part of a broader ambition to redefine how money moves globally. In a company update, he explained that this effort is crucial due to the important role money movement plays in the global economy.

With Krak, we’re taking a bold step toward rebuilding what we consider to be the most important layer of the global economy: How people move and use money. For as long as I can remember, moving money has felt broken. It’s one of those fundamental things you expect to work, and yet whether you’re sending a few dollars to a friend or wiring funds across continents, the process is slow, costly and frustratingly opaque. That shouldn’t be the case in 2025.

Kraken’s chief executive, Arjun Sethi

What Users Can Expect from Kraken’s New Payment App, Krak

Kraken’s Krak app is built to make global payments and earning rewards simpler for everyday users. Here’s how the app works—and what’s coming next.

• The app supports crypto, stablecoins, and fiat, making cross-asset transfers seamless.
• With Spend and Earn accounts, users can pay or earn rewards with zero lock-ups or fees.
• At launch, users who meet eligibility can earn up to 4.1% APR on USDG balances.
• A staking programme is also available, offering up to 10% returns on more than 20 digital assets.

Looking ahead, Kraken intends to broaden Krak’s functionality. One key development in progress is the introduction of both physical and virtual Krak cards. Additionally, the app will be expanded to include various financial products, bringing it in line with mainstream digital banking services. 

Planned offerings include lending facilities, loan services, credit card options, and potentially, pay-later features. These initiatives are set to enhance Krak’s competitiveness against major fintech players by offering crypto-native solutions alongside traditional financial instruments.

This rollout forms part of Kraken’s wider strategy to diversify its business model. The exchange is moving towards an integrated approach, combining the functionality of a digital asset platform with conventional financial service offerings.

Positioning for Growth and Public Listing

Kraken has already taken steps to align itself with traditional financial markets. In March, Kraken expanded into derivatives by acquiring the futures trading platform NinjaTrader in a $1.5 billion deal.

In a separate move, the exchange has secured its MiCA registration in Ireland, giving it the green light to offer services across the EU. Kraken also has plans to go public, with an IPO targeted for early 2026. The move follows what the company sees as a clear regulatory shift in the U.S., giving it the green light to proceed.

Earlier this year, the U.S. Securities and Exchange Commission withdrew its allegations against Kraken concerning unregistered securities activities. Soon after, the SEC brought together leading crypto companies, including Kraken and Fidelity, for a discussion focused on digital asset custody and the future regulatory framework in the U.S.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.