One of the top cryptocurrency exchanges around today, Kraken has unveiled Krak, a new multi-asset cross-border payment app. The exchange confirmed the launching on Thursday through its official page on X.
In a statement, Kraken described Krak as a payment and assets management solution that is designed to ensure seamless transfer of funds across the globe. With Krak, the exchange said users can send funds to 160 countries with near-zero cost.
Accordingly, the new solution supports more than 300 assets that include cryptocurrencies, stablecoins, and fiats. The app debuts Kraktag; a payment handle that allows users to send funds without inputting bank details or wallet address.
More so, the Kraktag is designed as part of the general intuitive interface of Krak to enhance the users’ experience. By that, Kraken said transferring money with the solution will be as easy as sending a text message.
It is worth mentioning that the unveiling of Krak surfaced shortly after Kraken released its Q1 2025 financial update. The statement established how the cryptocurrency exchange recorded a significant rise in the number of funded accounts on the platform.
Recording a 26% year-over-year increase, Kraken’s funded account grew from 3.1 million in Q1 2024 to 3.9 million in Q1 2025. Additionally, the gross revenue of the exchange went up by 19% on a yearly basis, moving from $396.6 million to $471.7 million.
Key details about Krak by Kraken
In a separate blog post, Kraken provided insightful details about the new application. According to the exchange, Krak is a bold step towards what it considers to be the most important layer of the global economy—how people move money.
The innovation blends the speed of traditional finance and the openness of modern blockchain technology to rewrite how people send and receive funds globally. Furthermore, the crypto exchange disclosed that it built Krak on a permissionless infrastructure.
Additionally, Krak according to Kraken comes with features like yields and staking rewards for users. Also, the new app allows users to take loans using their holdings as collateral.
The loan feature on Krak requires no paperwork or credit checks to ensure users enjoy seamless access to liquidity. As part of its expansion plan, the crypto exchange said the solution will provide physical and virtual cards for customers, enabling them to spend with ease anywhere across the globe.
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