TL;DR

• Kraken launches Krak, a crypto-and-fiat payments app with zero-fee global transfers to 160+ countries.
• Supports 300+ assets, offers up to 4.1% APY on stablecoins and 10% staking rewards.
• Built to challenge PayPal, Venmo, and Cash App with a crypto-native foundation and onchain infrastructure.

Crypto exchange Kraken has officially entered the payments race with the launch of Krak, a new app designed to let users send, receive, and hold both crypto and fiat currencies with zero fees and global reach.

The launch positions Krak as a crypto-native challenger to payment giants like Venmo, PayPal, and Cash App, which collectively serve over 120 million users. Kraken, founded in 2011, is already known for being one of the most trusted and secure crypto platforms in the space. With Krak, it’s now going after the mainstream.

Built for Both Speed and Control

According to Kraken, Krak is built entirely on public blockchains, allowing it to settle transactions in real-time across borders without relying on legacy financial intermediaries.

Instead of routing through banks or clearing houses, Krak leverages permissionless crypto infrastructure to reduce friction. This approach cuts out third-party gatekeepers, which Kraken says results in faster settlements, lower costs, and more control for users.

Earn While You Use

Beyond free payments, Krak also offers yield opportunities. Users can:

• Earn 4.1% on Global Dollar (USDG), a U.S. dollar-pegged stablecoin issued by Paxos

• Access up to 10% annual rewards through staking supported crypto assets

That means Krak doubles as a wallet and yield-generating savings tool, something most traditional fintech apps don’t offer.

Competing with the Big Names

Krak’s debut signals Kraken’s broader ambitions in the payments space. While Cash App saw $3.88 billion in revenue last quarter and Venmo boasts more than 68 million U.S. users, both are still largely dependent on legacy banking rails.

Kraken’s strategy, however, leans into crypto’s core strengths: transparency, speed, and user ownership. Unlike traditional apps, Krak is non-custodial at its core, giving users more control over their money and how it moves.

The app’s revenue model comes from conversion fees when users swap one currency for another, not from transaction fees or data-driven monetization.

Final Thought

With Krak, Kraken is reframing what a payment app should be in a crypto-enabled world. The move blends real-time global access with rewards, and strips out middlemen in favor of smart contracts and onchain infrastructure.

As the lines blur between banking and crypto, Krak could offer a meaningful alternative especially for those tired of high fees and geographic restrictions.