Crypto Exchange Kraken has Debuted A peer-to-peer (P2P) app payment that allows users to send fiat and cryptocurrency, regardless of the country’s boundaries. The move is part of the exchange effort to expand financial service offerings beyond cryptocurrencies.
According to Kraken on Thursday, the “Krak” app will offer users of a spending and income account, which promises produce generation to more than 20 digital assets including cross-border transactions, a market Forecasting to surpass $ 8 billion in the United States this year.
“(…) The financial system has been stuck in the past, and we think it’s time to do something about it,” Kraken Co-Co Arjun Sethi said in a statement. “We believe that basic financial services should be accessible worldwide, and that money should be moved as easily as the information does.”
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The Kraken’s app will compete against other money shipping solutions such as cash apps and Venmo, both popular financial apps in the US market.
Cash app had 57 million monthly active users in the first quarter of 2025, making up $ 3.9 billion income. Venmo’s user base value Up to 68.3 million in 2024, According to to Paypal’s parent company. Both apps have limited support for cryptocurrency transactions.
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Kraken pivot, eyes ipo
The Krak app is the latest exchange attempt to exceed crypto services and appeal to a wider range of users. In May, Kraken cooperated with Banked to Launch tokenized stocks In the exchange of non -US clients.
The move is part of a broader transfer to Kraken following the arrival of Co-Co Arjun Sethi, which positions the exchange to compete more directly on crypto-stock trading platforms such as Robinhood and Ethoro. In May, Robinhood was disclosed plans to build A blockchain for European users to trade US tokenizes.
Kraken’s Payment App’s launch comes leading a possible initial public offering in 2026. The company was talking about an IPO for years, but Sethi recently said it would depends In the clarity of regulation for digital assets before a debut in the stock market. In January 2025 the company announced its income would jump to $ 1.5 billion in 2024 As the crypto market rises and interest in digital assets.
Also preceded by the Kraken payments of A potential public offer In 2026. While the company was floating an idea of going public for years, Sshi recently said that a list will provide a hinge to the more clarity of regulation around digital properties. The company has reported an income $ 1.5 billion income in 2024urged by the revised investor interest in digital property.
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