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Cryptocurrency Exchange Kraken launched a new payment application called Krak, designed to facilitate fast and low cost monetary transfers in trust and digital assets. The application marks a strategic change for the company while it extends beyond the trade in cryptography in broader financial services.
Brief
- Kraken presents Krak, a new application for sending crypto and Fiat on more than 300 active ingredients in 110 countries.
- Kraken plans to introduce virtual and physical Krak cards, as well as loan and credit options.
- The exchange targeted an IPO in 2026, following the regulatory clarity and the strategic expansion of the global market.
Krak: Simplifying global payments with more than 300 active workers
The new Kraken payment system allows users to send funds in more than 300 supported assets, including fiduciary currencies, cryptocurrencies and stablecoins.
Available in more than 110 countries, Krak simplifies transfers by assigning each user a unique kraktag, which works as a username. Instead of entering long bank account numbers or cryptographic wallet addresses, users can send or request payments quickly using this personalized tag.
Kraken Managing Director, Arjun Sethi, Describe the application As part of a broader ambition to redefine how money moves worldwide. In an update of the company, he explained that this effort is crucial because of the important role that the movement of money plays in the world economy.
With Krak, we take a daring step towards the reconstruction of what we consider to be the most important layer of the world economy: how people move and use money. As long as I remember, the moving of the money felt broken. It is one of those fundamental things that you expect to work, and yet, whether you send a few dollars to a friend or wiring funds through the continents, the process is slow, expensive and frustrating and opaque. This should not be the case in 2025.
Kraken Managing Director, Arjun Sethi
What users can expect from the new Kraken payment application, Krak
Kraken’s Krak application is designed to make world payments and earn simpler rewards for everyday users. Here’s how the application works and that then happens.
- The application supports Crypto, Stablecoins and Fiat, which makes transfer transfers without seam.
- With spending accounts and winning, users can pay or earn rewards with zero locking or costs.
- At launch, users who meet eligibility can gain up to 4.1% APR on USDG sales.
- A clearing program is also available, offering up to 10% refers to more than 20 digital assets.
For the future, Kraken intends to expand Krak’s functionality. A key development in progress is the introduction of physical and virtual krak cards. In addition, the application will be extended to include various financial products, by raising it in accordance with traditional digital banking services.
The offers provided include loan facilities, loan services, credit card options and, potentially, the features of paid lacheuse. These initiatives should improve Krak’s competitiveness against the main Fintech players by offering crypto-native solutions alongside traditional financial instruments.
This deployment is part of Kraken’s wider strategy to diversify its business model. The exchange evolves towards an integrated approach, combining the functionalities of a platform of digital assets with offers of conventional financial services.
Positioning for growth and the public list
Kraken has already taken measures to line up in traditional financial markets. In March, Kraken extended to derivatives by acquiring the Ninjatrader trading platform in an agreement of $ 1.5 billion.
In a separate decision, the exchange obtained its mica recording in Ireland, giving it the green light to offer services through the EU. Kraken also has plans to become a public, with an IPO Targeted for the beginning of 2026. This decision follows what the company considers a clear regulatory change in the United States, which gives it the green light to proceed.
Earlier this year, the American Commission for Securities and Exchange withdrew its allegations against Kraken concerning the activities of unregistered securities. Shortly after, the SEC brought together the main crypto companies, including Kraken and Fidelity, for a discussion focused on digital assets and the future regulatory framework in the United States
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Ifeoluwa specializes in web3 writing and marketing, with more than 5 years of experience in creating insightful and strategic content. Beyond that, he exchanges crypto and is clever to carry out technical, fundamental and chain analyzes.
Non-liability clause
The points of view, the thoughts and opinions expressed in this article belong only to the author and must not be considered as investment advice. Do your own research before making investment decisions.
