Kraken rolls out peer-to-peer payments app

Cryptocurrency exchange Kraken has launched Krak, a peer-to-peer (P2P) payments app, to enable cross-border fiat and crypto transfers.

The app allows users to manage over 300 fiat and digital assets and supports peer-to-peer payments across 110 countries.

It enables fund transfers using Kraktags, a personalised payment ID, removing the need for bank details or crypto wallet addresses.

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It supports transactions in cryptocurrencies, stablecoins, and fiat currencies where available, offering spend and earn accounts, with no lock-up periods, minimum contributions, or subscriptions required.

Eligible users can earn up to 4.1% rewards on USDG stablecoin balances and up to 10% on over 20 other digital assets.

Future developments for Krak include physical and virtual Krak cards for spending at millions of merchants worldwide, both online and in-store.

The app will also introduce pay-in-advance services, including lending, loans, and credit card programmes.

Kraken co-CEO Arjun Sethi said: “We built and launched the Krak app because the financial system has been stuck in the past, and we think it's time to do something about it. With Krak, we’re taking a bold step toward rebuilding what we consider to be the most important layer of the global economy: How people move and use money.”

Earlier this year, Kraken launched Kraken Pay, a service supporting payments with over 300 fiat and crypto assets.

"Kraken rolls out peer-to-peer payments app " was originally created and published by Electronic Payments International, a GlobalData owned brand.

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