Kraken's new "Krak" system positions itself to compete with established money-transfer apps like Cash App and Venmo.
Cryptocurrency exchange Kraken has introduced a peer-to-peer (P2P) payment application enabling users to send both fiat and cryptocurrencies across borders without restrictions. This launch is part of Kraken's broader strategy to expand its financial services beyond cryptocurrency trading.
According to Kraken's announcement, the "Krak" app will offer users spending and savings accounts, promising yield generation on over 20 digital assets while facilitating cross-border transactions. The U.S. cross-border payment market alone is projected to exceed $8 billion this year.
Key Features of Krak:
- Support for fiat and crypto transfers
- Yield-earning accounts across 20+ digital assets
- Seamless cross-border transactions
- Competitive fees compared to traditional money-transfer services
👉 Discover how Krak stacks up against Venmo and Cash App
Kraken's Push Beyond Crypto
The "Krak" app represents Kraken's latest effort to diversify its offerings and appeal to mainstream users. Earlier this year, Kraken partnered with Banked to introduce tokenized stocks for non-U.S. clients, signaling its ambition to compete with platforms like Robinhood and eToro.
Recent Milestones:
- May 2025: Collaboration with Banked for tokenized equities
- Plans to compete directly with stock-trading platforms
- Focus on regulatory-compliant expansion
IPO Prospects and Financial Growth
Kraken's payment app launch precedes a potential 2026 IPO. While the company has long considered going public, Co-CEO Arjun Sethi emphasized that listing hinges on clearer digital asset regulations.
Financial Highlights:
- 2024 revenue: $1.5 billion (driven by crypto market resurgence)
- 2025 Q1: Revenue growth fueled by institutional interest
👉 Why Kraken's IPO could redefine crypto markets
FAQs
1. How does Krak differ from Cash App/Venmo?
Krak supports crypto-to-fiat conversions and cross-border transactions, whereas Cash App/Venmo are primarily fiat-focused with limited crypto functionality.
2. Which cryptocurrencies are supported?
Over 20 assets, including Bitcoin, Ethereum, and Kraken’s yield-bearing tokens.
3. Will Kraken’s IPO happen in 2026?
Likely, but dependent on regulatory clarity for digital assets.
4. Is Kraken expanding beyond trading?
Yes—recent ventures include tokenized stocks and now P2P payments.
5. What regions does Krak serve?
Initially rolling out in North America and Europe, with plans for global expansion.
The Bottom Line
Kraken’s "Krak" marks a strategic shift toward integrated financial services, bridging crypto and traditional finance. With its eye on an IPO and regulatory tailwinds, Kraken is positioning itself as a full-spectrum fintech contender.