Kraken just dropped a bombshell—its own peer-to-peer crypto payments app. And no, it’s not just another Venmo clone with blockchain slapped on.
Cutting out the middleman (and the fees)
Unlike traditional payment rails—where banks take their cut and slow things down—Kraken’s app lets users transact directly. No intermediaries, no waiting. Just crypto moving at the speed of the internet.
Why this isn’t just hype
The app integrates seamlessly with Kraken’s exchange, letting users flip between trading and spending without jumping through hoops. Try doing that with your legacy bank account.
A cynical footnote for finance traditionalists
Sure, Wall Street will call it reckless—until they launch their own version next year and pretend they invented it. Meanwhile, Kraken’s already shipping the future.
Krak Takes Aim at PayPal With Low-Fee Global Transfers and Built-In Rewards
Unlike Kraken’s Core trading platform, Krak is designed specifically for global payments. It sidesteps the high fees associated with trading by offering near-zero-cost peer-to-peer transfers.
Let’s do a giveaway to celebrate the launch of @Krak
For the next week, request $20 USDG from @Krak using the new app (yes – you can log in with your existing Kraken account info).
We might hit accept
https://t.co/TX6pq0KZHU pic.twitter.com/LsYbm4Btjo
This positions Krak as a direct competitor to traditional payment apps like PayPal and Cash App. Users can MOVE money without needing bank accounts or lengthy wallet addresses, thanks to a simplified system using “Kraktags,” which makes international transactions far more intuitive.
The app also supports a wide range of assets, from fiat and stablecoins to crypto, allowing users to choose how they send and receive value.
Another key differentiator is Krak’s earning functionality. Users can earn competitive yields, such as 4.1% APR on USDG holdings, and up to 10% on staked crypto, a feature not prioritized in Kraken’s trading app.
From Payments to Lending, Krak Charts an Ambitious Path in Crypto Finance
“We built and launched the Krak app because the financial system has been stuck in the past,” Kraken said in a statement. “Whether you’re sending a few dollars to a friend or wiring funds across continents, the process is slow, costly and frustratingly opaque. That shouldn’t be the case in 2025.”
The company plans to introduce further products through Krak in the coming months, including physical and VIRTUAL cards and pay-in-advance services like collateralized loans.
It also offers yield opportunities through stablecoins backed by reserves and staking options on supported tokens.
Kraken said its goal is to eliminate friction from global finance by blending the efficiency of blockchain technology with the trust and simplicity of modern mobile banking. As stablecoins and blockchain-based payment systems draw broader interest, Kraken’s pivot signals a belief that the future of money is global, digital and always on.
