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 reportedly 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
Stablecoin
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Read this Term linked to the Global
Dollar Network, and as much as 10% across 20 other supported digital assets.
“We're able to move money across borders right
off the bat, because that's what we do from a trading perspective in our
venues, and we've actually already spent over 10 years building out that system
for money transmitter licenses... in all the jurisdictions,” commented
Arjun Sethi, co-CEO of Kraken, for Reuters.
You may also like: Kraken Gains MiCA Licence from Ireland as Euro-Denominated Crypto Trading Doubles
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
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term, 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.
Most recently, Kraken launched a new full-service brokerage solution targeting hedge funds, asset managers, corporates, and other
large-scale market participants.
Dubbed Kraken Prime, the offering combines trading, custody,
and asset financing into one interface. The move signals Kraken’s deeper
commitment to institutional crypto adoption and positions the firm to compete
directly with traditional prime brokers.
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 reportedly 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
Stablecoin
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Read this Term linked to the Global
Dollar Network, and as much as 10% across 20 other supported digital assets.
“We're able to move money across borders right
off the bat, because that's what we do from a trading perspective in our
venues, and we've actually already spent over 10 years building out that system
for money transmitter licenses... in all the jurisdictions,” commented
Arjun Sethi, co-CEO of Kraken, for Reuters.
You may also like: Kraken Gains MiCA Licence from Ireland as Euro-Denominated Crypto Trading Doubles
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
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term, 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.
Most recently, Kraken launched a new full-service brokerage solution targeting hedge funds, asset managers, corporates, and other
large-scale market participants.
Dubbed Kraken Prime, the offering combines trading, custody,
and asset financing into one interface. The move signals Kraken’s deeper
commitment to institutional crypto adoption and positions the firm to compete
directly with traditional prime brokers.
