Kraken Launches Krak App for Instant, Zero-Fee Money Transfers in 110 Countries with Up to 10% Rewards on Digital Assets

Kraken Challenges Traditional Banking With New Global Money App

Kraken has introduced Krak, an all-in-one money app designed to simplify how users move and manage money worldwide.

Combining traditional finance with crypto technology, Krak allows instant transfers across 110 countries and supports over 300 fiat and digital assets.

The app’s key feature, "Kraktags," enables peer-to-peer payments without the need for bank account numbers or crypto wallet addresses, making money movement easier and faster than conventional methods.

How Does Krak Make Cross-Border Payments Faster And Cheaper

The app addresses long-standing problems in traditional finance, which Kraken’s co-CEO Arjun Sethi describes as stuck in “1950s infrastructure.”

Slow transfers and high fees, often over 6% for remittances, are common complaints against legacy systems.

Krak uses blockchain technology to eliminate middlemen, allowing near-instant settlements and zero fees on transfers.

Users can send money globally with Kraktags, personalised payment IDs that replace complex bank details.

Alongside sending money, Krak lets users hold and transact in more than 300 assets, including crypto, stablecoins, and fiat currencies, within one platform.

The app also offers competitive rewards, such as up to 4.1% annual interest on USDG stablecoin balances and up to 10% on more than 20 other digital assets, without requiring lock-in periods or subscriptions.

What Are Krak’s Plans For Spending And Lending

Kraken plans to expand Krak’s capabilities beyond payments and savings.

Soon, users will have access to physical and virtual cards accepted by millions of merchants worldwide, supporting both crypto and fiat spending.

The company also intends to offer consumer lending products like loans and credit cards, using digital assets as collateral.

Sethi said,

“We believe that basic financial services should be universally accessible, and that money should move as easily as information does. Krak is just the beginning.”

Why Kraken’s Move Signals A New Chapter For Crypto Platforms

Traditionally focused on crypto trading, Kraken has broadened its scope by adding equities and ETFs earlier this year and acquiring the futures trading platform NinjaTrader for $1.5 billion.

With Krak, Kraken is stepping into direct competition with established payment apps such as PayPal, Venmo, and Cash App.

The app reflects Kraken’s effort to build a unified platform where users can manage money without depending on banks or outdated financial infrastructure.

By blending crypto innovation with trusted banking relationships, Krak aims to provide a flexible, borderless financial experience for a digital-first generation.

Is Krak The Future Of Money Management

The launch of Krak arrives at a time when over 1.4 billion adults worldwide remain unbanked, and traditional financial systems continue to face criticism for slow service and high costs.

Kraken’s approach promises to remove friction by using blockchain technology and unique features like Kraktags, yet the competition in the global payments space remains intense.

As Arjun Sethi puts it, “We think it’s time to do something about” the financial system’s stagnation.

“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.”

Krak could well be a foundational step toward reinventing how money moves in the modern world, but whether it can dethrone entrenched players and reshape global finance depends on adoption, regulation, and user trust.

Is This the Beginning of the End for Traditional Banking

The Krak app presents a challenge to the old financial order by merging crypto with everyday money tools, but it also raises questions about the future role of banks.

If apps like Krak succeed, will traditional banks become obsolete, or will they adapt and survive?

As financial services evolve, consumers may soon demand a new balance of speed, cost, and control—forcing legacy institutions to reconsider their relevance in an increasingly digital economy.