365Crypto
Kraken is no longer just about trading crypto. On Thursday, the exchange launched a new peer-to-peer app called Krak, allowing users to send and receive both crypto and fiat currencies in over 110 countries.
A Challenger to PayPal?
With Krak, Kraken is stepping into fintech’s frontlines—taking on big names like PayPal, CashApp, and Venmo. Users can send money in over 300 currencies—crypto or local cash—right from the app.
And guess what? No need for bank details. Just a username, called a Kraktag, and you’re good to go.
What’s Under the Hood?
Krak runs on Kraken’s internal rails instead of traditional banks, which makes transfers faster. It supports stablecoins, Layer-2 networks like Bitcoin’s Lightning, and more. There are even perks like earning interest on your digital dollars using Paxos’ USDG.
Cross-Border Made Easy
Co-CEO Arjun Sethi says Krak is perfect for international transfers. Need to pay your friend in Canada or stash cash in USD in Latin America? This app handles it.
And most deposits and many withdrawals are free. That’s not a typo.
What’s Next? Cards, Loans, and More
Kraken plans to roll out virtual and physical cards and even early-access loans. That means you could get paid in crypto and spend it directly with your Krak card.
Regulatory Green Light
Kraken also got licensed under the EU’s new MiCA rules, through the Central Bank of Ireland. This stamp of approval is a big deal—it shows Kraken’s playing the long game.
Kraken already holds crypto service licenses in several countries. With MiCA in the bag, they’re prepping to go big across the EU. They’ve been in euro trading since 2013, after all.
