Kraken, a technology platform focused on cryptocurrency, has introduced “Krak,” a global money application designed to enable instant, low-cost cross-border transactions and offer rewards on account balances.
The Krak app integrates features of digital assets with traditional financial functionalities. Users can manage over 300 different fiat and digital assets. Arjun Sethi, Kraken’s co-CEO, stated, “We built and launched the Krak app because the financial system has been stuck in the past, and we think it’s time to do something about it. 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.”
Leveraging Kraken’s existing network of banking relationships and payment partnerships, the Krak app aims to provide a comprehensive financial hub. Users can send money internationally, manage spending, and grow their balances. Key features available at launch include:
Peer-to-peer payments: This allows instant and affordable fund transfers to other Krak app users across 110 countries. Utilizing Kraktags, a personalized payment ID, users can send and request payments across more than 300 assets, including crypto, stablecoins, and fiat currencies (where available), without needing to input bank details or crypto wallet addresses.
Dedicated spend and earn accounts: Users can make payments and earn rewards without lock-up periods, minimum contributions, or subscriptions. At launch, eligible users can earn up to 4.1% rewards on USDG stablecoin balances, with additional earning opportunities across over 20 digital assets offering up to 10%.
Future developments for Krak include the release of physical and virtual Krak cards, enabling spending at millions of merchants globally using fiat currencies and crypto assets within the app. Additionally, a range of pay-in-advance services, such as lending, loans, and credit card programs, are planned. Sethi further commented, “We believe that basic financial services should be universally accessible, and that money should move as easily as information does. Krak is just the beginning. We see it as a foundation. A core building block for how people everywhere will manage their money in the future.”
Kraken, founded in 2011, operates as a long-standing cryptocurrency platform. It supports trading of over 300 digital assets and six national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Kraken offers services such as spot trading with margin, parachain auctions, staking, regulated derivatives, and index services. The company provides 24/7/365 client support and maintains trading platforms accessible via web and mobile apps. Kraken was also the first crypto platform to conduct Proof of Reserves. The new Krak app is available for download on Android via the Google Play Store and on iOS via the Apple App Store.
