Latest news with #Krak
Yahoo
15 minutes ago
- Business
- Yahoo
Crypto Exchange Kraken Unveils ‘Krak,' Its New All-in-One Global Money App
Cryptocurrency exchange giant Kraken introduced a blockchain-powered global money app called Krak that allows users to instantly transact across borders for almost no cost, while also earning competitive rewards on their account balances. Krak is designed to fix the outdated norms of legacy finance, Kraken said, blending crypto technology with the exchange's trusted network of banking relationships and payment partnerships. The app will allow users to send funds peer-to-peer across 110 countries and using 300-plus assets, spanning cryptocurrencies, stablecoins and fiat currencies without inserting bank details or crypto wallet addresses, according to a press release. As the U.S. opens up more to crypto, big exchanges like Coinbase and Kraken are busy closing gaps in their customer offerings, whether that's taking advantage of crypto rails for payments, earning yield or trading stocks. The Krak app will also offer dedicated spend and earn accounts, where eligible users can earn up to 4.1% rewards on USDG stablecoin balances as well as additional opportunities across 20+ digital assets yielding up to 10%. USDG is the dollar-pegged token of the Global Dollar Network, of which Kraken is a key member. 'Look, banking sucks; maybe that's the simplest way to say it,' Mark Greenberg, Kraken's global head of consumer product said, in an interview. 'I spent my whole career in banking and tried many different ways over the years to try to make it better. But it's still too hard to move money, to send it, to share it, to spend it, to move it across borders, to earn off of it in a reasonable way. And crypto has always been a big part of the answer.'
Finextra
6 hours ago
- Business
- Finextra
Kraken launches all-in-one global money app
Kraken, a technology platform built on crypto that unlocks access and reduces inefficiencies to drive financial freedom, today unveils the launch of Krak: a next generation, all-in-one global money app. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The Krak app reimagines what constitutes money and value, empowering users to instantly transact across borders for almost no cost, while also earning competitive rewards on their account balances. Built for a global, digital-first generation, the Krak app blends the freedom of crypto with the familiarity of everyday finance. Users can seamlessly manage over 300 different fiat and digital assets, making Krak app the ultimate portable financial command center built for the modern era. '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,' said Arjun Sethi, Kraken's co-CEO. Powered by crypto innovation and strengthened by Kraken's trusted network of banking relationships and payment partnerships, Krak challenges the outdated norms of legacy finance. Whether sending money to family abroad, growing balances, or managing spending on everyday purchases, users can rely on the Krak app as a seamless, all-in-one financial hub – giving them control of their assets, on their terms. The Krak app at launch will feature: • Peer-to-peer payments: Instantly and affordably send funds to other Krak app users across 110 different countries. Using Kraktags, a personalized payment ID, app users can seamlessly send and request payments across 300+ assets spanning crypto, stablecoins and fiat currencies (where available) without inserting bank details or crypto wallet addresses. • Dedicated spend and earn accounts: Seamlessly make payments and earn rewards with no lock-up periods, no minimum contributions, or subscriptions needed. At launch, eligible users can earn up to 4.1% rewards on USDG stablecoin balances, as well as additional earning opportunities across 20+ digital assets up to 10%. • What the future holds for Krak: o The release of physical and virtual Krak cards, unlocking seamless spending at millions of merchants worldwide, both online and in-store, using fiat currencies and cryptoassets in the Krak app. o A range of pay-in-advance services, ranging from lending to loans and credit card programs. Sethi added: 'We believe that basic financial services should be as universal and available as clean water. And that money should move as easily as information does. Krak is just the beginning. We see it as a foundation. A core building block for how people everywhere will manage their money in the future.'
Bloomberg
10 hours ago
- Business
- Bloomberg
Crypto Platform Kraken Plans to Launch Competitor to Venmo, Block's Cash App
Crypto exchange Kraken is developing a financial services app targeting remittances and payments, further diversifying the company's revenue streams ahead of a potential stock market debut. The new app, named Krak, will allow businesses and consumers globally to send and receive both crypto and traditional currencies across borders at little to no cost, Kraken said in a statement Thursday. At launch the app will support more than 300 assets, but will operate in a partially closed system where customers can only send cash to other Krak users or withdraw to their own bank account.
