TL;DR
- Kraken launched Krak, an app that allows instant money transfers to 110 countries using over 300 assets without requiring bank details.
- The app offers up to 4.1% yield on USDG balances and up to 10% on other digital assets, integrating payments, savings, and rewards in one place.
- Krak aims to eliminate the obstacles of traditional banking with fast, low-cost, and peer-to-peer transfers.
Kraken introduced Krak, a global financial app designed to simplify money transfers and management in over 110 countries.
The app enables instant transactions using more than 300 assets, including cryptocurrencies, stablecoins, and fiat currencies, without asking for bank account details or wallet addresses. It combines blockchain technology with Kraken’s network of banking agreements and payment partners, allowing users to bypass the usual limitations of the traditional financial system.
Speed, Security, and Flexibility
Krak’s goal is to streamline everyday money operations in the digital economy. Users can send funds peer-to-peer without intermediaries and access dedicated accounts for spending or earning returns. Among its features, it offers up to 4.1% rewards on balances in USDG, a US dollar-pegged stablecoin tied to the Global Dollar Network, where Kraken plays a key role. It also provides yields of up to 10% on more than 20 digital assets available within the app.
Major exchanges continue expanding their services beyond trading. Kraken, like other platforms, sees crypto infrastructure as a reliable tool to optimize payments, generate returns, and enable cross-border transactions without the usual restrictions of legacy banking. Krak fits naturally into this trend, offering a fast, low-cost, and bureaucracy-free way to move and grow money.
Kraken Challenges the Traditional Banking System
According to Mark Greenberg, Kraken’s global head of consumer product, the slowness and rigidity of banking systems remain an obstacle for users and businesses needing to send, share, or use money efficiently. Krak responds directly to this issue by leveraging crypto technology to deliver a faster, more accessible, and flexible alternative.
Kraken isn’t just improving its services — it’s launching an app designed to challenge conventional payment and savings structures. Banks will have to pay close attention and modernize, or risk quickly falling behind to blockchain-powered technology
