Kraken Now Offers Global Money Transfers via New Finance App

Kraken has launched a new global finance app, expanding its push into the payments space as crypto exchanges look to diversify beyond trading, Reuters reported. The new product, called Krak, enables users to send money across borders instantly using over 300 assets, including crypto, stablecoins, and fiat currencies.

The app is available in over 110 countries and allows peer-to-peer transfers without requiring bank account details or crypto wallet addresses. Kraken says Krak aims to address the inefficiencies of traditional finance systems by leveraging blockchain infrastructure alongside its network of banking and payment partners.

App Combines Transfers With Yield Opportunities

In addition to money transfers, Krak offers users the ability to earn yield through dedicated spend and earn accounts. Eligible users can earn up to 4.1% on USDG, a dollar-pegged stablecoin linked to the Global Dollar Network, and as much as 10% across 20 other supported digital assets.

Kraken is a member of the Global Dollar Network, a protocol designed to expand the use of stablecoins across financial systems.the app was designed to address long-standing issues in banking, particularly around payments and cross-border transfers.

Following Shifting Regulations

The launch of Krak comes as major U.S. crypto exchanges work to close product gaps amid shifting regulatory conditions. Both Kraken and Coinbase have been expanding their offerings to include services such as yield products, payments, and, in some cases, equities, as they seek to compete with traditional financial institutions.

Krak represents Kraken’s latest effort to evolve beyond trading. It offers users a multi-functional app that blends the flexibility of crypto with everyday financial services.