The “Krak” app could help to keep cryptocurrency adoption moving forward
Kraken has launched a new peer-to-peer payments app called Krak, stepping into a competitive financial tech arena dominated by apps like Cash App and Venmo. The new product allows users to send both fiat and crypto across borders, part of Kraken’s effort to broaden its services beyond its traditional digital asset exchange.
The Krak app supports transactions in more than 20 cryptocurrencies and offers users an account designed to handle spending and earning functions. It also promises yield-generating features, aimed at attracting users interested in passive returns on their digital holdings. The company is positioning Krak as a flexible and borderless alternative to traditional financial tools, with Kraken co-CEO Arjun Sethi stating that the current financial system has been slow to evolve and lacks universal access.
By rolling out Krak, Kraken enters a crowded field where Cash App and Venmo have built strong user bases—57 million and over 68 million, respectively. While both apps now offer limited crypto functionality, neither has made digital assets a central part of their ecosystem. Kraken’s move suggests it sees an opening to target users who want more direct integration of crypto into everyday financial activities.
This new direction aligns with Kraken’s broader strategy under Sethi’s leadership, which includes branching out into tokenized assets and planning for a future public listing. In May, Kraken collaborated with Banked to roll out tokenized stock trading for international users, an offering similar to what Robinhood and eToro are developing. Kraken has also hinted at a possible IPO in 2026, although Sethi has said that clearer regulations around crypto in the US will be key before that can move forward.
With $1.5 billion in revenue last year, Kraken is betting that a seamless mix of crypto and traditional finance could attract the next wave of users.
