Kraken Launches 'Krak' App for Global Crypto and Fiat Payments Ahead of 2026 IPO
Kraken Launches ‘Krak’ Peer-to-Peer Payment System for Crypto, Fiat Transactions
Kraken Launches, Kraken has launched a new peer-to-peer payments app called “Krak,” enabling users to send both crypto and fiat across borders. The move marks Kraken’s push beyond its crypto exchange roots.
Launched Thursday, Krak will offer a spend and earnings account, with yield generation on over 20 digital assets and seamless cross-border transactions. The U.S. cross-border payments market is forecasted to surpass $8 billion this year.
“The financial system has been stuck in the past,” said Kraken co-CEO Arjun Sethi. “We believe basic financial services should be universally accessible and money should move like information.”
Krak will compete with apps like Cash App and Venmo, both of which have limited crypto capabilities. Cash App saw 57 million active users in Q1 2025, generating $3.9 billion in revenue, while Venmo hit 68.3 million users in 2024.
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The app is part of Kraken’s broader pivot to attract non-crypto-native users. In May, Kraken partnered with Banked to offer tokenized stocks for non-U.S. clients.
Co-CEO Arjun Sethi is steering Kraken toward competing with fintech platforms like Robinhood and eToro. Robinhood, for example, plans to launch a blockchain for tokenized U.S. stock trading in Europe.
Kraken is also preparing for a potential initial public offering (IPO) in 2026. While the company has long discussed going public, Sethi says regulatory clarity is key.
Kraken reported $1.5 billion in revenue in 2024, driven by crypto market gains and rising interest in digital assets.
