Kraken Debuts Peer-to-Peer App Krak to Broaden Its FinTech Presence

Kraken, one of the largest crypto exchanges globally, announced on June 26 the launch of Krak, a peer-to-peer payments app that allows users to send and receive funds in both cryptocurrencies and fiat currencies across more than 100 countries.

According to the company, Krak users will have access to a dedicated spend account and will be able to perform instant transactions in over 300 assets, including local currencies and crypto tokens. Crypto transfers will be processed via blockchain technology, while fiat payments will be handled internally by Kraken, bypassing traditional banking infrastructure.

This launch represents a strategic expansion of Kraken’s services beyond its core digital asset trading business. In May, Kraken also announced plans to launch xStocks—tokenized versions of U.S. equities—in select international markets.

With Krak, Kraken enters the broader financial technology space, positioning itself as a direct competitor to platforms like PayPal, Venmo, and CashApp.