Kraken Disrupts Payments Landscape with New Platform ’Krak’, Taking Aim at PayPal and Venmo

On June 27, 2025, Kraken made a significant move into the global payments sector with the launch of Krak, a versatile platform supporting over 300 cryptocurrencies and fiat currencies. Designed to appeal to both crypto enthusiasts and traditional users, Krak initially allows transfers between its own users and linked bank accounts—a strategic decision to balance innovation with security. The exchange also announced upcoming physical and VIRTUAL debit cards, with credit products in development, signaling its ambition to compete head-to-head with established players like PayPal and Venmo. This bold expansion demonstrates Kraken's commitment to bridging the gap between traditional finance and the crypto economy.

Kraken Launches Payments Platform Krak, Challenging PayPal and Venmo

Kraken enters the global payments arena with Krak, a new platform supporting over 300 crypto and fiat assets. The service initially restricts transfers to other Krak users or linked bank accounts—a design choice balancing control with security for crypto-wary consumers.

The exchange plans to roll out physical and virtual debit cards, with credit products in development. "Distributed financial products drove my investment in Kraken," said co-CEO Arjun Sethi, who also leads crypto-focused Tribe Capital Partners LLC.

Krak will offer yield opportunities, including 4.1% APY on Global Dollar Network's USDG stablecoin. The launch precedes Kraken's anticipated IPO, signaling the exchange's expansion beyond trading into broader financial services.

Kraken Launches Krak App Targeting Global Bank-Free Payments

Kraken, the major cryptocurrency exchange, has introduced Krak—a new money app designed to facilitate faster and cheaper cross-border payments without traditional banking intermediaries. The platform operates in over 160 countries and supports more than 300 digital assets.

The MOVE signals Kraken's aggressive push into the fintech space, leveraging crypto's borderless nature to challenge legacy payment systems. No specific coins or exchanges were directly referenced in the announcement beyond Kraken's own infrastructure.