Kraken Launches Payment App to Address ‘Outdated Financial System’ Issues

Cryptocurrency exchange Kraken has launched a payment application called Krak, enabling free transfers in fiat and cryptocurrencies worldwide.

According to the press release, this universal tool is “designed to address the fundamental issues of the outdated financial system.”

Users can access free domestic transfers and commission-free international transactions in over 160 countries. The app supports more than 300 digital assets and fiat currencies.

Holding the stablecoin Global Dollar (USDG) can yield up to 4.1% annually, while staking other assets can offer up to 10%.

In the future, Kraken plans to add a credit line secured by digital assets, as well as physical and virtual Krak cards. To simplify transactions, the app will feature Kraktags, akin to Ethereum Name Service (ENS) domain names.

According to Kraken co-CEO Arjun Sethi, the app is built on public blockchains. This eliminates intermediaries, reduces fees, and speeds up settlements.

“Assets are portable, compatible, and under your control,” he added.

The primary source of revenue for Krak will be fees for exchanging one asset for another.

Back in March, Bloomberg sources reported on the exchange’s plans to go public in the first quarter of 2026.

In the same month, Kraken signed an agreement to acquire the futures trading platform NinjaTrader for $1.5 billion.