Kraken Launches Peer-to-Peer Payments App ‘Krak’ to Expand Beyond Crypto Trading
June 26, 2025 – New York – Leading cryptocurrency exchange Kraken has unveiled a new peer-to-peer (P2P) payments app named Krak, designed to enable users to send and receive funds across more than 100 countries. The innovative platform supports both cryptocurrency and traditional fiat currency transactions, marking Kraken’s strategic push beyond its core digital asset trading business.
A New Player in the P2P Payments Space
With Krak, Kraken enters the competitive landscape alongside established payment platforms such as PayPal, Venmo, and CashApp. The app allows users to instantly transfer and request payments in over 300 different assets, including various cryptocurrencies and local fiat currencies.
Kraken highlights that cryptocurrency transfers on Krak will utilize blockchain technology for secure and transparent transactions. Meanwhile, fiat currency transfers will be handled internally by Kraken without relying on external banking infrastructure, facilitating faster and more efficient money movement.
Leveraging Years of Expertise for Cross-Border Payments
Arjun Sethi, Kraken’s co-CEO, emphasized the company’s extensive background in managing cross-border transactions. “We’re able to move money across borders right off the bat, because that’s what we do from a trading perspective in our venues, and we’ve actually already spent over 10 years building out that system for money transmitter licenses in all the jurisdictions,” he told Reuters in an interview.
He further noted that this expertise positioned Kraken well to meet customer demand for a broader range of financial services: “You have to do that as an exchange anyways, and so what we realized is that our customers just wanted to do more with their money.”
Future Roadmap: Expanding Krak’s Financial Services
Kraken announced plans to extend Krak’s capabilities in the near future. Upcoming features include the introduction of physical and virtual payment cards, as well as pay-in-advance financial services such as loans. These developments aim to create a comprehensive financial ecosystem centered around the Krak platform.
Strategic Importance Amid Market Evolution
Kraken’s launch of Krak aligns with a wider trend among cryptocurrency exchanges seeking to diversify their offerings beyond trading digital assets. Just last month, Kraken announced its initiative to launch tokenized U.S. equities, branded as xStocks, in select international markets outside the United States.
By expanding into payment services and exploring tokenized stock offerings, Kraken is positioning itself to capture a wider market share and cater to the evolving needs of both retail and institutional clients.
Reporting by Hannah Lang in New York; Editing by Louise Heavens
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