Key Takeaways:
- Kraken launched “Krak,” a P2P app enabling seamless fiat and crypto transfers, targeting the growing $8B U.S. cross-border payments market.
- Krak offers yield-earning accounts on over 20 digital assets and positions Kraken to compete with Cash App and Venmo.
- The launch supports Kraken’s broader strategy ahead of a potential 2026 IPO, including recent moves into tokenized stock trading.
Kraken has launched “Krak,” a new peer-to-peer (P2P) payments app aimed at simplifying cross-border transfers of both fiat and cryptocurrencies.
The app provides spend and earn accounts with yield opportunities on over 20 digital assets, targeting the growing U.S. cross-border payments market, projected to exceed $8 billion this year.
Introducing @Krak. The money app for people who want more.
— Krak (@Krak) June 26, 2025
More ways to pay
More freedom to send
More opportunities to grow
More rewards and money in your pocket
Get Krak 👇https://t.co/iGnDkIQmVb pic.twitter.com/fwac24S2XR
This move highlights Kraken’s strategy to diversify its services beyond traditional crypto trading and compete with mainstream platforms like Cash App and Venmo, which offer limited crypto capabilities.
Krak’s debut aligns with Kraken’s broader ambition to evolve into a comprehensive financial platform.
In May, the company partnered with Banked to offer tokenized stock trading to users outside the U.S., showcasing a push into hybrid financial services that blend crypto and equity markets.
The timing of Krak’s release may also reflect Kraken’s preparation for a potential initial public offering (IPO) in 2026.
However, co-CEO Arjun Sethi emphasized that regulatory clarity around digital assets remains crucial before formal IPO plans proceed.
Kraken reported $1.5 billion in revenue in 2024, boosted by a resurgent crypto market and increased investor activity.
Overall, Krak underlines Kraken’s mission to offer modern, accessible financial services and challenge outdated legacy systems.
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