Kraken Debuts Krak Crypto and Fiat Payments App Across 110 Countries

Crypto Exchange Kraken has debuted a peer-to-peer payment app to compete with CashApp and Vemno.

The company established in San Francisco, California, released Krak on Thursday, allowing users to send and receive payments in more than 300 currencies inclusive crypto-more than 110 countries.

With the most important platform of Kraken, users can buy, sell and bet the future price of hundreds of digital coins and tokens.

Kraken Co-CEO Arjun Sethi said the app was built to compete with a financial system “stuck in the past”.

“With Krak we are taking a daring step towards the rebuilding of what we consider as the most important layer of the world economy: how people move and use money,” he added.

Decrypt Provided to Kraken for extra comment.

The stock market said in an announcement that sending payments with fiat money – dollars, pounds or euros – would be done internally, without users having to register a bank account. Instead, customers have a username called a “crack day”, similar to how payment apps such as Cash app, Wise and PayPal work.

Users can also earn yield with USDG Stablecoin from Paxos, added the exchange.

The debut comes as Kraken, one of the largest crypto fairs in the world, offers new products, including shares and listed fund trade in certain US states.

Kraken also announced in March that the Futures Trading Platform Ninjatrader bought $ 1.5 billion.

Kraken wants to expand when it comes from road winds. In March, the US Securities and Exchange Commission agreed to drop a lawsuit against cracking that claimed that it operated as a stock exchange.

At the time, Sethi said that, while “traditional markets on the Banking Systems after the Second World War, the 1950s”, today’s acquisition was the start of Kraken’s movement to become an “institutional trading platform where each can always be actively traded.”

The company has confirmed Unpleasant Decrypt that it is planning to become public.