Kraken Unveils Innovative Payment App to Tackle Outdated Financial System Issues

The crypto exchange Kraken has launched a payment app called Krak, enabling users to make free transfers in both fiat and cryptocurrencies globally.

According to a press release, this versatile tool aims to address the fundamental issues of the outdated financial system.

Users can enjoy free domestic transfers and international transactions without fees to over 160 countries. The app supports more than 300 digital assets and fiat currencies.

For holding the Global Dollar (USDG) stablecoin, users can earn up to 4.1% annually, while staking other assets can yield returns of up to 10%.

In the future, Kraken plans to introduce a credit line secured by digital assets, as well as physical and virtual Krak cards. To facilitate transactions, the app will also feature a system called Kraktags, which is similar to Ethereum Name Service (ENS) domain names.

According to Co-CEO of Kraken, Arjun Sethi, the app is built on public blockchains, eliminating intermediaries, reducing fees, and speeding up transactions.

«Assets are portable, compatible, and under your control,» he added.

The primary revenue source for Krak will be fees generated from exchanging one asset for another.

It is worth noting that in March, Bloomberg reported on Kraken’s plans to achieve public status in the first quarter of 2026.

Additionally, in that same month, Kraken entered into an agreement to acquire the futures trading platform NinjaTrader for $1.5 billion.