Kraken Launches Krak: The Revolutionary Payment App for Crypto and Fiat Transactions

• What Exactly Is Krak?
• The Vision Behind Krak
• How Does Krak Compare to Competitors?
• Strategic Partnerships and Future Plans
• FAQs About Krak

Kraken, one of the world's leading cryptocurrency exchanges, has officially launched its peer-to-peer payment app, Krak, on June 26, 2025. Designed to bridge the gap between traditional finance and the crypto world, Krak allows users to send and receive over 300 different assets, including cryptocurrencies, fiat currencies, and stablecoins. Available in 160 countries, including Germany, Krak promises faster, cheaper, and more secure transactions. The app also plans to introduce a payment card soon. With features like earning interest on stored coins and partnerships with major financial service providers, Krak is set to revolutionize the way we handle money. Read on to discover everything you need to know about Krak.

What Exactly Is Krak?

Krak is a peer-to-peer payment app developed by Kraken, enabling users to send and receive more than 300 different cryptocurrencies, fiat currencies, and stablecoins. By leveraging the latest blockchain technology, Krak ensures that transactions are not only faster and more secure but also significantly cheaper than traditional banking methods. The app boasts a user-friendly interface, making it accessible even for beginners. With low transaction fees and availability in 160 countries, Krak is an excellent alternative for regular crypto transactions. Additionally, users can earn interest on their stored coins, with rates like 4.1% per annum for USD stablecoins. The app's launch follows Kraken's recent approval under the MiCA license in Ireland, allowing it to operate across the entire EU.

The Vision Behind Krak

Kraken has long been recognized for its user-friendly and secure platform. The launch of Krak aims to address persistent issues in the traditional financial system, which Kraken's Co-CEO, Arjun Sethi, describes as slow, opaque, and costly. Traditional bank transfers can take days and often come with high fees, sometimes exceeding 6%. Sethi stated, "The financial system is stuck in the past, and we think it's time to do something about it." Krak is designed to make basic financial services universally accessible, ensuring that money flows as easily as information. By bridging the gap between crypto and traditional finance, Krak is set to redefine financial transactions.

How Does Krak Compare to Competitors?

While apps like Cash App and Venmo dominate the US market, Krak stands out by offering extensive support for cryptocurrency transactions. Cash App reported over 57 million active users and $3.9 billion in revenue in Q1 2025, while Venmo, under PayPal, had 68.3 million users. However, both apps offer limited crypto transaction capabilities, making Krak a game-changer for the crypto market. With its low fees, broad asset support, and user-friendly design, Krak is poised to attract a significant share of the market.

Strategic Partnerships and Future Plans

Kraken has partnered with several financial service providers and blockchain technology developers to ensure Krak's functionality and reach. These collaborations not only enhance the app's features but also expand its user base. By teaming up with reputable companies, Kraken ensures that Krak maintains the security and reliability users expect. The upcoming payment card will further integrate Krak into everyday financial activities, making it a versatile tool for both crypto enthusiasts and traditional users.

FAQs About Krak

What is Krak?

Krak is a peer-to-peer payment app by Kraken that supports over 300 cryptocurrencies, fiat currencies, and stablecoins, offering fast, secure, and low-cost transactions.

Where is Krak available?

Krak is available in 160 countries, including Germany and the broader EU, following Kraken's MiCA license approval in Ireland.

How does Krak compare to Cash App and Venmo?

Unlike Cash App and Venmo, Krak offers extensive support for cryptocurrency transactions, lower fees, and the ability to earn interest on stored coins.

What are Krak's future plans?

Krak plans to introduce a payment card and expand its partnerships to enhance functionality and user reach.