Crypto Exchange Kraken has First appearance A peer-to-peer (P2P) payment application that allows users to send fiat and cryptocurrencies regardless of country boundaries. The move is part of an exchange’s efforts to expand its financial services offerings beyond cryptocurrencies.
According to Kraken on Thursday, the “KRAK” app will provide users with a spending and earnings account that is expected to generate yields on more than 20 digital assets as well as cross-border transactions, the market forecast This year it has exceeded $8 billion in the United States.
“(…) The financial system has been in trouble in the past and we think it’s time to do something about it,” Kraken Ceo Arjun Sethi said in a statement. “We believe that basic financial services should be universally accessible and that money should be moved as easily as information.”
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Kraken’s app will compete with other currency transfer solutions such as Cash App and Venmo, which are popular financial applications in the U.S. market.
Cash Application have There were 57 million monthly active users in the first quarter of 2025, generating $3.9 billion in revenue. Venmo’s user base quantity 2024 to 68.3 million according to To its parent company PayPal. These two apps have limited support for cryptocurrency transactions.
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The KRAK application is the latest attempt by the exchange to transcend crypto services and attract a wider range of users. In May, Kraken worked with Banked Launch token stocks On exchanges with non-US customers.
The move is part of a broader shift in Kraken following the arrival of Co-Ceo Arjun Sethi, positioning the exchange as more direct competition with crypto-reserve trading platforms such as Robinhood and Etoro. In May, Robinhood revealed Planned development A blockchain for European users to trade tokenized U.S. stocks.
Kraken’s payment app launch conference Before a possible IPO In 2026. The company has been talking about an IPO for years, but Sisi recently said it would rely Prior to the stock market’s debut, the regulatory clarity of digital assets. In January 2025, the company revealed its revenue Jump to $1.5 billion in 2024 As the crypto market soared, interest in digital assets has also increased.
Kraken’s payment app is also ahead of Potential public products In 2026. Although the company has proposed public ideas for years, Sisi recently said that going public will depend on greater regulatory clarity for digital assets. The company reports revenue $1.5 billion in 2024Driven by reinvested interest in digital assets.
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