The cryptocurrency exchange Kraken has launched a peer-to-peer (P2P) payment application that allows users to send fiat and cryptocurrencies without border restrictions. This move is part of the exchange's efforts to expand its range of financial service products beyond just cryptocurrencies.
According to Kraken's announcement on Thursday, the "Krak" app will provide users with spending and earning accounts, promising returns on over 20 digital assets while supporting cross-border transactions. It is predicted that the U.S. cross-border transaction market will exceed $8 billion this year.
Kraken's co-CEO Arjun Sethi stated in a statement, "The financial system has been stuck in the past, and we believe it's time to take action. We believe that basic financial services should be universally accessible, and the flow of funds should be as easy as the flow of information."
Kraken's app will compete with other money transfer solutions like Cash App and Venmo, both of which are very popular in the U.S. market.
In the first quarter of 2025, Cash App had 57 million monthly active users, generating $3.9 billion in revenue. According to its parent company PayPal, Venmo's user base reached 68.3 million in 2024. Both apps have limited support for cryptocurrency transactions.
The "Krak" app is the latest attempt by the exchange to go beyond cryptocurrency services and attract a broader user base. In May, Kraken partnered with Banked to launch tokenized stocks for non-U.S. customers on the exchange.
This move is part of a broader transformation for Kraken since co-CEO Arjun Sethi took office, positioning the exchange to compete more directly with crypto stock trading platforms like Robinhood and eToro. In May, Robinhood revealed plans to develop a blockchain for European users to trade tokenized U.S. stocks.
The launch of Kraken's payment app comes ahead of a potential initial public offering (IPO) in 2026. The company has been discussing IPO matters for years, but Sethi recently stated that the listing will depend on the clarity of digital asset regulations. In January 2025, the company revealed that its 2024 revenue surged to $1.5 billion due to a spike in the crypto market and increased interest in digital assets.
The launch of Kraken's payment app also precedes a potential IPO in 2026. While the company has floated the idea of going public for years, Sethi recently indicated that the listing will depend on greater regulatory clarity surrounding digital assets. The company reported $1.5 billion in revenue for 2024, driven by renewed investor interest in digital assets.
Related: Hong Kong unveils new stablecoin rules and tokenized bond plans
Original article: “Kraken launches ‘Krak’ peer-to-peer payment system for cryptocurrency and fiat transactions”
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