Kraken Unveils Krak P2P Payments App with 300-Asset Support and EU MiCA Approval
Kraken has launched Krak, a peer-to-peer crypto and fiat payments app covering over 100 countries. Users can instantly send and request payments in 300 assets—spanning cryptocurrencies and local currencies—using Kraken’s internal infrastructure for faster cross-border transactions. Co-CEO Arjun Sethi highlighted a decade of regulatory compliance work under money transmitter licenses. Krak’s roadmap includes physical and virtual cards and pay-in-advance loans. Meanwhile, Kraken secured its first EU MiCA license from the Central Bank of Ireland, complementing existing VASP registrations in key European markets. This regulatory milestone reinforces Kraken’s commitment to responsible innovation and long-term growth in the crypto ecosystem.
Bullish
The launch of Krak and the EU MiCA license are bullish for Kraken and the broader crypto market. Introducing a P2P payments app with 300-asset support enhances user utility and broadens on- and off-ramp options, driving adoption. Historical precedents, such as PayPal’s crypto integration, led to increased trading volumes and market confidence. Kraken’s regulatory progress under MiCA and existing VASP registrations also reduces compliance risk, attracting institutional and retail users. In the short term, Krak may boost trading activity and liquidity on Kraken’s platform. Long term, expanding payment services and approved EU operations support sustained network effects, user growth, and market stability.