Kraken App Launches: Will It Topple Traditional Banking Giants in 2025?

The crypto world's sleeping giant just woke up—and it's hungry for banks' lunch.

Kraken's new mobile app isn't playing nice with legacy finance. With one-click crypto swaps, yield-earning wallets, and zero 'please hold for our compliance department' delays, it's built to exploit everything users hate about traditional banking.

Bankers won't sleep well tonight.

The app's killer feature? Cutting settlement times from T+2 to T+instant—something Wall Street's been 'working on' since 2017. Meanwhile, Kraken just deployed it in an afternoon update.

Of course, the old guard will cry about 'regulation' and 'risk.' Funny how those concerns vanish when you realize they're really protecting $120 billion in annual overdraft fees.

Prediction: Within 18 months, we'll see the first major bank 'partner' with Kraken—right before firing 30% of their retail staff. Progress always wins. Eventually.

TLDR

• Kraken has launched a new finance app called Krak that enables global money transfers.
• The Krak app allows users to send funds instantly using over 300 assets, including crypto, stablecoins, and fiat currencies.
• The app is available in more than 110 countries and does not require bank account details or wallet addresses.
• Krak offers users the opportunity to earn up to 4.1% on USDG and up to 10% on 20 digital assets.
• Kraken uses the Global Dollar Network to support stablecoin functionality and improve financial access.

Kraken has introduced a new financial application named Krak, aiming to redefine global money movement with digital assets. The app enables instant peer-to-peer transfers in over 110 countries using crypto, stablecoins, and fiat currencies. With this launch, Kraken targets inefficiencies in global banking through blockchain infrastructure and licensed money transfer networks.

The Krak app eliminates the need for bank details or wallet addresses, allowing faster and broader access to digital finance. It supports over 300 assets for transactions and integrates various payment rails for seamless cross-border transfers. Kraken leverages its existing global licenses to ensure compliance and operational efficiency across jurisdictions.

As crypto exchanges face increasing regulation, Kraken continues to diversify beyond trading by strengthening its presence in global payments and financial services. The Krak app plays a critical role in expanding Kraken’s non-trading revenue streams and user engagement. This launch marks a shift in how crypto platforms approach finance at scale.

Kraken Boosts Earnings with Krak Features

Krak extends beyond transfers by offering yield-generating accounts linked to supported digital assets and stablecoins. Users can access spend and earn features and receive returns on assets such as USDG, a dollar-linked stablecoin. Kraken provides up to 4.1% APY on USDG and up to 10% across 20 other digital assets.

The app integrates yield mechanisms directly into the transfer experience, allowing users to grow their holdings while conducting payments. This function enhances Krak’s utility and aligns with Kraken’s strategy to introduce diversified earning tools. Users must meet eligibility conditions to participate in these yield programs across supported regions.

Kraken uses the Global Dollar Network to support USDG and expand its stablecoin functionalities across financial systems. This protocol enhances interoperability between blockchain and traditional finance, boosting liquidity and access. Kraken’s collaboration with established partners ensures regulatory compliance and yield transparency.

Following Shifting Regulations

Kraken launched Krak amid evolving crypto regulations that drive exchanges to offer services beyond traditional asset trading. Competitors such as Coinbase have also expanded into yield, payments, and other financial services. Kraken responds by providing a multifunctional app that combines crypto flexibility with regulated financial offerings.

With existing money transmitter licenses, Kraken activates cross-border features without additional regulatory delays. This framework supports Krak’s global availability and secure operations in over 110 countries. Kraken continues to adjust its strategy to navigate global policy changes and meet user demand for financial alternatives.

Kraken also recently launched Kraken Prime, a full-service brokerage for institutions. The offering includes custody, trading, and asset financing tools in a unified platform. With these moves, the exchange positions itself for long-term relevance across both retail and institutional sectors.