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17h ago

Kraken Launches Krak Peer-to-Peer Payments App in More Than 100 Countries

Users can instantly transact across borders using more than 300 digital or fiat assets with minimal fees and rewards on balances

Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration

Overview

  • Krak removes the need for bank details or wallet addresses by routing crypto transfers on blockchain and handling fiat internally through Kraken’s banking partnerships.
  • Eligible customers earn up to 4.1% yield on USDG stablecoin balances and up to 10% on select digital assets.
  • Kraken plans to introduce physical and virtual payment cards and pay-in-advance services such as loans in coming months.
  • The launch extends Kraken’s services beyond digital asset trading into direct payments, positioning it against PayPal, Venmo and CashApp.
  • The rollout builds on more than a decade of global money transmitter licensing and recent regulatory clearances, including an Irish MiCA license and the dismissal of an SEC lawsuit.