Kraken, a well-known technology platform in the cryptocurrency space, has announced the launch of its latest innovation: the Krak app. This all-in-one global money application aims to redefine how users perceive money and value, enabling instant, low-cost international transactions while offering competitive rewards on account balances.
Co-CEO Arjun Sethi emphasized the need for such a platform, stating, “The financial system has been stuck in the past, and we think it’s time to do something about it.” The Krak app is designed for a digital-savvy generation, combining the advantages of cryptocurrency with the comfort of traditional financial practices. With the capability to manage over 300 different fiat and digital assets, it serves as a powerful financial hub for users.
The app enables peer-to-peer payments across 110 countries, using a feature called Kraktags—personalized payment IDs that simplify transactions without needing bank details. In addition, users can access dedicated spend and earn accounts, allowing for payments and the potential to earn rewards of up to 4.1% on USDG stablecoin balances, along with opportunities across numerous digital assets.
Looking ahead, Kraken plans to introduce both physical and virtual Krak cards, which will facilitate spending at millions of merchants globally. This vision is aligned with Sethi’s belief that access to basic financial services should be universal, asserting that money should be as easy to transfer as information.
Kraken, founded in 2011, has a long-standing reputation for security and reliability in the crypto market, offering a variety of services that include trading of over 300 digital assets and multiple national currencies. With millions of users, Kraken is committed to enhancing global crypto adoption, empowering individuals to achieve financial freedom.
This development is exciting in bridging the gap between traditional finance and cryptocurrency, establishing a more inclusive financial ecosystem that can cater to diverse needs. The Krak app is now available for download on both Android and iOS platforms.