Kraken’s new Krak app enables peer-to-peer money transfers across 300+ assets and 110+ countries without traditional banking requirements. Users can earn up to 10% on select assets while enjoying streamlined global transactions through innovative Kraktags system.
By Parshwa Turakhiya
Editor Marco T. Lanz
Updated
3 mins read
Kraken has released its long-anticipated Krak app, a peer-to-peer global money platform that blends crypto flexibility with traditional finance tools.
The app, launched on June 26, allows users to manage over 300 assets, including both fiat and crypto, and transfer funds across more than 110 countries. Without requiring bank account numbers, users can send money through “Kraktags,” which streamline global transactions at low cost.
Kraken co-CEO Arjun Sethi described the app as a response to legacy systems stuck in what he called “1950s infrastructure.” He emphasized that Krak is built to reshape how people move and manage money.
At launch, Krak supports fiat and crypto transfers, spending, and earnings without lockups or subscription tiers. Eligible users can earn up to 4.1% on USDG balances and up to 10% on select assets, offering features that are typically reserved for DeFi-native platforms.
Users can send payments internally without exposing bank details or crypto wallet addresses, leveraging Kraken’s existing money transmitter licenses and blockchain integrations.
Introducing @Krak. The money app for people who want more.
More ways to pay
More freedom to send
More opportunities to grow
More rewards and money in your pocketGet Krak 👇https://t.co/iGnDkIQmVb pic.twitter.com/fwac24S2XR
— Krak (@Krak) June 26, 2025
Kraken’s backend facilitates fiat movement internally, while crypto transfers rely on the blockchain. The company says this dual-rail system cuts costs and removes frictions found in traditional remittance and banking apps.
Future updates will introduce physical and virtual Krak cards for real-world payments and a pay-in-advance suite that includes loans and credit products.
Krak also arrives as Kraken diversifies beyond trading. The company is preparing to roll out tokenized US stocks (xStocks) in select markets and recently acquired futures platform NinjaTrader for $1.5 billion. It also resolved a high-profile legal dispute with the SEC earlier this year.
Today we’re announcing our new partnership with @BackedFi for the launch of xStocks on @Solana 🚀@xStocksFi will offer tokenized versions of U.S.-listed equities, available soon to eligible Kraken clients in select non-U.S. markets.
A new layer of market access, built on… pic.twitter.com/eXUnpHDipF
— Kraken Exchange (@krakenfx) May 22, 2025
As Kraken positions itself as a more comprehensive financial platform, Krak’s launch signals its intent to compete head-to-head with PayPal, Venmo, and CashApp in the consumer finance space.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Parshwa Turakkhiya is a skilled financial writer with a strong background in covering crypto, forex, stock markets, and global finance. With a focus on translating complex financial topics into clear, actionable insights, he creates content tailored to both professional and retail investors.
