Cross-border transactions remain a challenge for many users. Traditional payment platforms limit access, charge high fees, and take days to settle. The rise of stablecoins and crypto wallets helped improve access, but users still face friction between fiat and digital currencies. Kraken, one of the world’s oldest crypto exchanges, has launched a new app called Krak to solve these problems. This new platform aims to merge crypto and fiat transfers into one smooth, accessible user experience.
Introducing @Krak. The money app for people who want more.
— Krak (@Krak) June 26, 2025
More ways to pay
More freedom to send
More opportunities to grow
More rewards and money in your pocket
Get Krak 👇https://t.co/iGnDkIQmVb pic.twitter.com/fwac24S2XR
What is Krak by Kraken?
Krak by Kraken is a global money app that supports fast and low-cost payments in both digital and fiat currencies. It allows users to send funds across borders using a single interface, whether they hold Bitcoin, US dollars, or local currencies. Krak operates independently from Kraken’s main exchange, though users can log in with the same credentials. Unlike traditional wallets, Krak links payments to unique usernames called Kraktags. This allows users to send or receive money without needing long wallet addresses or bank account numbers.
The app supports over 300 currencies and is available in more than 160 countries. This includes major cryptocurrencies, stablecoins like USDT and USDC, and government-issued currencies. Krak is designed to work much like a blend between PayPal, Venmo, and a crypto wallet—with added earning tools and financial services on the roadmap.
Key Features: How Krak Works
Easy Peer-to-Peer Payments
Krak allows instant, low-cost payments to anyone with a Kraktag. Users can also send money using phone numbers, email addresses, or custom payment links. Unlike some platforms, Krak supports payments in both fiat and crypto without requiring the recipient to already hold the same currency. If a user doesn’t have the same asset, Krak offers an in-app conversion for a small fee. If no conversion is needed, the transfer is free.
All transactions settle instantly and are non-reversible. This design improves security but requires users to verify recipient details carefully before sending.
Multi-Currency Support
Krak supports over 300 digital and fiat currencies. This includes common assets like Bitcoin, Ethereum, and USDC, as well as many region-specific tokens and national currencies. It helps users manage their assets in one place without jumping between wallets or exchange platforms. The app also allows deposits from linked bank accounts, credit cards, or external wallets.
This broad currency support is especially useful for freelancers, travelers, and remote workers who operate across multiple currency zones.
money ≠ borders 🤝 🌍
— Krak (@Krak) June 24, 2025
the world’s about to get Krak’d pic.twitter.com/sj8yqB5a7m
User Onboarding and Security
Setting up Krak is simple. Users can sign in with their Kraken exchange account or create a new Krak profile. They will need to complete Intermediate-level identity verification to use all features, especially for fiat access or larger transfers.
After setup, users can create a custom Kraktag. This tag acts like a username and can be used for receiving payments. Each user can change their Kraktag up to two times, giving flexibility while preventing frequent abuse or impersonation.
Security features include two-factor authentication, biometric login, and encryption for sensitive data. Kraken’s existing regulatory licenses and compliance systems power the backend of Krak, offering a familiar and reliable structure for users already comfortable with Kraken’s ecosystem.
Planned Features and Roadmap
Krak’s development roadmap includes several future upgrades. The team plans to launch virtual and physical payment cards that let users spend their Krak balances online or in stores. This would remove the need to withdraw funds to a bank account before use.
Krak also plans to add borrowing and lending features. Users will be able to take out loans backed by crypto or stablecoin collateral, without relying on credit scores or lengthy paperwork. This system could bring decentralized finance (DeFi) tools to a broader audience through a user-friendly interface.
These features are currently in development, but they reflect Kraken’s broader vision of Krak as a complete global finance app rather than a simple wallet.
Implications for the Crypto and Fintech Industries
The launch of Krak represents a growing convergence between crypto-native platforms and traditional financial services. Kraken’s effort to create a globally accessible money app signals a shift in how exchanges view their role. They are no longer just trading venues; they are becoming full-service financial platforms.
As Krak expands, it may pressure fintech incumbents to integrate crypto more deeply into their offerings. Likewise, DeFi protocols may need to improve usability and compliance to remain competitive. Projects offering wallet services, stablecoins, or peer-to-peer infrastructure will likely view Krak as both a collaborator and a competitor in defining next-generation financial rails.
Krak’s greatest strength lies in its ability to bridge crypto and fiat with a single login, a single app, and minimal friction. For international freelancers, global teams, and users in emerging markets, Krak simplifies the process of holding, earning, and spending value across borders. Its presence could accelerate broader adoption of digital assets—not just for speculation, but as practical money.
By offering interest-bearing stablecoin accounts, future debit card functionality, and borderless lending options, Krak is evolving into a user-centric alternative to both legacy fintech and crypto wallets. The implications extend beyond Kraken. Krak’s success will influence how other platforms build tools that align with what modern users expect: flexible, low-cost, and globally interoperable financial experiences.
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