Kraken, one of the world’s top crypto exchanges, has just launched a brand-new payment app called Krak. This move adds fresh heat to the rising competition in the crypto space, as digital finance platforms race to offer smoother, faster global payment options.
The launch comes as the crypto industry enjoys strong momentum in 2024. Bitcoin (BTC) prices have risen sharply, and shares of Coinbase (COIN) and Robinhood (HOOD) have also seen big gains in the second quarter. Now, Kraken is stepping up its game with a feature-packed global app aimed at changing how people manage and move their money.
What is Krak?
Krak is Kraken’s new all-in-one peer-to-peer payments app. It is designed for the digital-first generation and aims to combine the trust of traditional banking with the power of digital assets. With this app, users can easily send and receive money in over 110 countries — all without needing to share personal bank details or crypto wallet addresses.
Instead, Krak uses Kraktags, a personalized payment ID system. This makes transactions simpler and safer.
A New Way to Hold and Earn
The Krak app lets users manage over 300 fiat and digital assets from one easy-to-use interface. But it’s more than just a wallet.
Krak also includes spend and earn accounts. This means users can make payments while earning rewards at the same time — with no lock-up periods or minimum amounts required.
For example, eligible users can earn:
- Up to 4.1% rewards on USDG stablecoin balances
- Up to 10% rewards on 20+ top digital assets
Why Krak Could Be a Game-Changer
Arjun Sethi, Kraken’s Co-CEO, called this a bold step toward financial innovation. Speaking about the app, he said:
“Our financial system has been stuck in the past for far too long. With Krak, we’re rebuilding the most critical part of the global economy — how people move and use money. Krak gives users true financial freedom and global access.”
He also hinted at Kraken’s plans for a future IPO, saying the company wants to stay transparent and customer-focused.
What’s Next for Krak?
Kraken has big plans for the app’s future. Upcoming features include physical and virtual Krak cards, which will allow users to spend their money at millions of merchants around the world — both online and in-store.
