Kraken Launches Peer-to-Peer Payments App, ‘Krak’
A prominent San Francisco-based cryptocurrency exchange, Kraken, has introduced a new peer-to-peer payment application named “Krak.”
Key Points:
- Kraken’s newest app allows users to transmit and receive payments across over 110 countries.
- The platform supports sending and receiving over 300 currencies, blending both cryptocurrencies and fiat money.
- This debut marks the latest expansion into conventional financial services by the firm.
Kraken unveiled the application on Thursday.
“With Krak, we’re taking a bold step toward rebuilding what we consider to be the most important layer of the global economy: How people move and use money,” said Kraken co-CEO Arjun Sethi.
You can utilize the payment service within the app using various fiat currencies like USD, GBP, or EUR internally, without providing banking account details. Incoming transactions require users to register a unique username, or “Kraktag,” in the payment protocol.
Kraken also emphasizes features such as utilizing Paxos’ USDG stablecoin to generate earnings. Notably, the exchange has been diversifying its offerings, including stock and ETF trading in selected U.S. states and the recently completed $1.5 billion acquisition of futures trading platform NinjaTrader.
This strategic move comes after Kraken navigated considerable regulatory uncertainty. In March, the American Securities and Exchange Commission (SEC) dropped a lawsuit alleging Kraken operated as a securities exchange, a significant victory for the company aiming to build on its legacy as a major cryptocurrency entity.
Kraken has also confirmed its plan to go public.
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