Catenaa, Thursday, July 03, 2025-Kraken on June 26 unveiled Krak, a global fiat and crypto payments app offering free local transfers and zero-cost international transactions to more than 160 countries, targeting payment leaders Venmo and PayPal.
Krak users can earn up to 4.1% annual rewards for holding Global Dollar, a U.S. dollar-pegged stablecoin issued by Paxos, and as much as 10% staking yield on other digital assets, according to the company release.
The launch aligns with Kraken’s push into multi-asset services ahead of a planned public listing. Earlier this year the exchange rolled out tokenized stock trading for non-U.S. clients and agreed to acquire U.S. retail futures platform NinjaTrader for \$1.5 billion.
Future Krak features include a crypto credit line allowing borrowers to use digital holdings as collateral, plus physical and virtual Krak payment cards. The app will introduce “Kraktags,” human-readable identifiers akin to ENS domain names, to replace complex wallet addresses.
According to Kraken, most revenue will come from exchange fees when users convert between crypto and fiat currencies. Krak supports over 300 cryptocurrencies and fiat options.
Krak positions itself as a crypto-native alternative to mainstream apps that have added digital-asset features. Venmo launched crypto trading in 2021, and PayPal began offering coins in 2020, later introducing its own stablecoin.
