Kraken Floats Krak App To Explore Global Payments

Kraken, one of the largest cryptocurrency exchanges, has launched a new app called Krak App. This app is designed to enable people to send and receive both digital and traditional money worldwide seamlessly. Krak is built to be simple, fast, and low-cost. It was released ahead of Kraken’s planned initial public offering (IPO) on the stock market in 2026. The app supports more than 300 cryptocurrencies. Krak Follows A Consumer-Focused Approach Ripple is recognized for facilitating the transfer of money across international borders for banks and large companies. Krak, on the other hand, is built for everyday people and small businesses. Users can transfer money to other Krak app users or directly to their bank accounts, with no transaction fee. This is designed to help people save money when sending funds, making digital payments easy and affordable for everyone. Meanwhile, the Krak app is part of Kraken’s bigger goal to expand its business. In the past months, the exchange introduced zero-fee trading on U.S. stocks and also bought a futures trading platform for $1.5 billion . With Krak, Kraken is now entering the fintech world, competing with popular apps like Venmo, Revolut, Cash App, and Coinbase Payments. Kraken To Expand Krak Use Beyond Digital Payments Kraken has plans to add more features to the app. Soon, Krak users will have access to both physical and virtual debit cards. These cards will let them spend their money directly from the app, just like a regular bank account. Later, Kraken will also offer loans and credit services through the app, demonstrating its plans to become a comprehensive financial service provider. By leveraging the existing strong systems, the company hopes Krak will attract both new and experienced users. Additionally, Krak will offer rewards to users, allowing them to earn up to 10% returns on selected assets. Most recently, Kraken partnered with Babylon, an innovative staking protocol, to let users earn rewards on their Bitcoin (BTC) holdings . This is part of the company’s plan to give more value back to users. Industry Experts See Big Potential in Krak Many experts believe the Krak app is an important move for Kraken. Analysts from Oppenheimer say that Krak could become a bridge between cryptocurrency and traditional financial tools. Financial firms, such as Citi and PwC, also support this view, stating that the timing is right. This comes as new global rules are making it easier for digital money apps to grow safely. However, these experts believe that a good user experience will be key to Krak’s success. At the same time, Ripple is also growing. Its new RLUSD stablecoin was added to Alchemy Pay, making it easier for people to move between traditional money and crypto. Nevertheless, Krak focuses more on helping everyday users make fast and free payments. The post Kraken Floats Krak App To Explore Global Payments appeared first on TheCoinrise.com .

Source: The Coin Rise