Kraken Launches Krak for Crypto & Fiat Payments in 110 Countries
Kraken has launched Krak, a blockchain-powered payments app that lets users send, receive and convert cryptocurrencies, stablecoins and 45 fiat currencies across 110 countries. Combining crypto rails with Kraken’s banking and local payment networks, Krak supports peer-to-peer transfers without sharing bank details or wallet addresses, instant settlement and minimal fees. The app uses non-custodial wallets and integrates spot markets and OTC liquidity, offering real-time exchange rates and transparent fees. Eligible users can earn up to 4.1% on USDG stablecoin balances and up to 10% on 20+ digital assets. Designed for retail and institutional clients, Krak aims to streamline cross-border transfers, compete with traditional remittance services and close product gaps amid evolving U.S. crypto regulations.
Neutral
Krak’s launch is unlikely to drive immediate price movement for any specific cryptocurrency, as it mainly enhances payment infrastructure and user experience rather than affecting supply or demand dynamics of a tradable asset. While the app may boost long-term adoption of crypto and stablecoins, the short-term market impact is expected to be neutral given the lack of direct trading incentives or token issuance associated with the launch.