Kraken, the world's oldest crypto exchange, has unveiled Krak, the next-generation peer-to-peer payments app that seeks to merge the freedom of cryptocurrency with the convenience of everyday finance. “Krak is live! Send crypto or fiat to anyone, anywhere, instantly—no banks, no borders, no fees. This is the future.” — @krakenfx Compatible with 110 countries, Krak allows users to send, receive, and store over 300 assets—from cryptocurrencies and stablecoins to local fiat—beyond the restriction of traditional banks or wallet addresses. How Krak Works At its essence, Krak is designed for a digital-native generation. The app allows users to send money across the world in seconds, via a unique payment ID called a Kraktag—no bank information or crypto wallet addresses needed. Be it sending Bitcoin to a friend in Berlin or euros to relatives in Lagos, Krak processes in-app for fiat and on-chain for crypto, keeping things speedy and inexpensive. Krak also features built-in crypto-to-fiat conversion, allowing users to instantly swap between digital assets and local currencies at competitive rates. The app’s intuitive interface supports recurring payments, bill splitting, and multi-currency wallets, making it ideal for freelancers, digital nomads, and families with cross-border ties. Early reviews praise Krak’s speed and transparency, highlighting its potential to disrupt both traditional banking and legacy payment apps. Launch-day key features : P2P transfers in 110 countries, on 300+ crypto and fiat currencies Kraktags for instant, private transfers Earn up to 4.1% on balances of USDG stablecoin, and up to 10% on 20+ digital assets No-lockup, minimum , or subscription spend and earn accounts Kraken's backend leverages its global network of money transmitter licenses and banking relationships to enable Krak to serve as an all-in-one financial center. Fee Structure, Rewards, and Future Roadmap Krak is becoming a ”PayPal-killer” with no or ultra-low fees on most transfers—especially against the 2–2.5% of the likes of Revolut and Cash App. Users can earn up to 4.1% on USDG balances and up to 10% on select digital assets, with rewards disbursed daily and no lock-ins. In the future, Kraken will launch: Physical and virtual Krak cards to spend at millions of merchants worldwide Advance-payment services like lending, loans, and credit cards Enhanced business and company instruments for global payroll and B2B payments International Expansion and Regulatory Barriers Kraken's move comes after years of building compliance infrastructure, licensing in the U.S., U.K., EU, Canada, and beyond. Krak is still not available in Australia and sanctioned regions, rollouts to roll out behind local regulation. The company's regulatory seriousness is considered to be a differentiation from less compliant fintech rivals. Competing With Coinbase, Revolut, and Cash App Krak's launch puts Kraken directly against fintech giants. Compared to Coinbase, Krak offers broader asset coverage and lower fees but is still more convenient for new users. Compared to Revolut, Krak offers more cryptocurrency functionality, higher yields, and lower transaction fees. Cash App and Venmo dominate U.S. P2P payments but have less broad crypto coverage and higher fees. Bottom line With Krak, Kraken is betting that the future of money is instant, borderless, and multi-asset. By meshing the agility of crypto with the convenience of everyday payments, Kraken is going to serve traders, yes, but also anyone who has to send, spend, and make their money worldwide—without the hassles of old banking.
