Kraken Launches Cross-Border Payments App Krak

Crypto exchange Kraken has launched Krak, a new payments app targeting global competition with established names like Venmo and PayPal. Users of Krak can enjoy free local and international transactions across more than 160 countries. Additionally, rewards of up to 4.1% for holding Paxos-issued USDG and up to 10% for staking other digital assets are available. Kraken, expanding beyond its crypto roots, is exploring new market opportunities and aims to go public. Features like crypto credit lines, physical and virtual cards, and Kraktags for easier transactions will be available on the app. Arjun Sethi, co-CEO of Kraken, emphasized the app's efficient, cost-effective transaction model without intermediaries. Revenue will primarily come from exchange fees. Kraken positions Krak as a crypto-native alternative to apps with integrated crypto features like Venmo and PayPal. The Block has sought further comments from Kraken.