Kraken has rolled out a new peer-to-peer payments app called Krak, marking its latest move to expand beyond crypto trading and into mainstream financial services.

The app, unveiled Thursday, allows users to send and receive money instantly across more than 160 countries and supports over 300 assets, including fiat currencies, stablecoins and cryptocurrencies.

With Krak, Kraken aims to tackle long-standing inefficiencies in the global payments system by offering faster, cheaper and more accessible transactions.

Krak Takes Aim at PayPal With Low-Fee Global Transfers and Built-In Rewards

Unlike Kraken's core trading platform, Krak is designed specifically for global payments. It sidesteps the high fees associated with trading by offering near-zero-cost peer-to-peer transfers.

This positions Krak as a direct competitor to traditional payment apps like PayPal and Cash App. Users can move money without needing bank accounts or lengthy wallet addresses, thanks to a simplified system using "Kraktags," which makes international transactions far more intuitive.

The app also supports a wide range of assets, from fiat and stablecoins to crypto, allowing users to choose how they send and receive value.

Another key differentiator is Krak's earning functionality. Users can earn competitive yields, such as 4.1% APR on USDG holdings, and up to 10% on staked crypto, a feature not prioritized in Kraken's trading app.

From Payments to Lending, Krak Charts an Ambitious Path in Crypto Finance

"We built and launched the Krak app because the financial system has been stuck in the past," Kraken said in a statement. "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."

The company plans to introduce further products through Krak in the coming months, including physical and virtual cards and pay-in-advance services like collateralized loans.

It also offers yield opportunities through stablecoins backed by reserves and staking options on supported tokens.

Kraken said its goal is to eliminate friction from global finance by blending the efficiency of blockchain technology with the trust and simplicity of modern mobile banking. As stablecoins and blockchain-based payment systems draw broader interest, Kraken's pivot signals a belief that the future of money is global, digital and always on.

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