Developed to offer a faster and more flexible alternative to traditional finance tools, Krak enables users to transfer money using a unique identifier called a “Kraktag,” eliminating the need to link a bank account for transactions. The app handles both crypto and fiat transfers internally, streamlining cross-border payments.
Kraken co-CEO Arjun Sethi in a statement:
“We believe moving money should be as simple and borderless as sending a message,. With Krak, we’re offering a next-generation tool that challenges outdated financial rails and brings crypto and fiat into a single experience.”
The company said users will also be able to earn returns through stablecoin-based yield products within the app, beginning with Paxos’ USDG.
Kraken’s expansion comes after a period of legal uncertainty. In March, the U.S. Securities and Exchange Commission dropped a lawsuit against the company that alleged it was operating as an unregistered securities exchange.
With the launch of Krak, the firm aims to provide a unified interface for money movement, whether users are sending dollars, euros, or Bitcoin, without relying on traditional intermediaries.
Krak is now available to users in eligible jurisdictions, and the company says it intends to roll out additional features in the coming months, including integration with other financial products and enhanced identity tools for enterprise payments.
