Kraken Launches Krak App for Crypto and Fiat Transfers

Crypto News Exchanges

Kraken Launches Krak App for Global Crypto and Fiat Transfers

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 27, 2025

Key Takeaways

Kraken's new app Krak lets users send over 300 currencies to over 110 countries without using bank accounts;
Krak uses a "Kraktag" system for easy money transfers, similar to PayPal or Cash App;
Users can earn passive income through USDG, a stablecoin held directly within the app.

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Kraken Launches Krak App for Global Crypto and Fiat Transfers

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Kraken $144.53M , the crypto exchange, has launched a new app called Krak, aimed at making everyday money transfers simpler for people around the world.

The app allows users to send and receive over 300 types of currency across more than 110 countries.

Instead of relying on bank accounts, Krak uses a system where each user selects a unique "Kraktag", similar to a username, which makes it easier to transfer money, similar to how PayPal or Cash App works.

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Users can transfer funds in US dollars, euros, pounds, or cryptocurrencies without needing to register with a bank. All transfers are handled within Kraken’s system.

Krak is not just for sending money. Users can also earn a return by holding a stablecoin called USDG, which is issued by Paxos. This means people who leave funds in the app can earn passive income.

Kraken’s co-CEO, Arjun Sethi, stated in a June 26 blog post that the app was developed in response to what he sees as an outdated financial system. He explained that the goal is to improve peer-to-peer money transfers worldwide.

Krak’s wide reach may be helpful for freelancers, small businesses, or anyone working across borders.

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