Cryptocurrency exchange Kraken has launched Krak, a peer-to-peer (P2P) payments app, to enable cross-border fiat and crypto transfers. 

The app allows users to manage over 300 fiat and digital assets and supports peer-to-peer payments across 110 countries. 

It enables fund transfers using Kraktags, a personalised payment ID, removing the need for bank details or crypto wallet addresses. 

It supports transactions in cryptocurrencies, stablecoins, and fiat currencies where available, offering spend and earn accounts, with no lock-up periods, minimum contributions, or subscriptions required. 

Eligible users can earn up to 4.1% rewards on USDG stablecoin balances and up to 10% on over 20 other digital assets. 

Future developments for Krak include physical and virtual Krak cards for spending at millions of merchants worldwide, both online and in-store.  

The app will also introduce pay-in-advance services, including lending, loans, and credit card programmes. 

Kraken co-CEO Arjun Sethi said: “We built and launched the Krak app because the financial system has been stuck in the past, and we think it’s time to do something about it. 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.”  

Earlier this year, Kraken launched Kraken Pay, a service supporting payments with over 300 fiat and crypto assets.