On June 26, Kraken launched the Krak app, a peer-to-peer payment platform for crypto transfers and fiat transfers.
The app allows users to send funds across countries and access earnings accounts that support over 20 digital assets.
Kraken said the Krak app would let users both spend and earn using crypto and fiat without restrictions on geography.
Kraken co-CEO Arjun Sethi said the current financial system lacks accessibility. In the company’s official statement, he noted,
“We believe that basic financial services should be universally accessible, and that money should move as easily as information does.”
Kraken described the app as part of its broader plan to expand services beyond crypto trading.
The app also enables cross-border payments. Kraken said that this segment is expected to exceed $8 billion in the U.S. payments market by the end of 2025.
Krak App Enters a Market Dominated by Cash App and Venmo
The Krak app will operate in a competitive space that includes Cash App and Venmo. These two platforms lead the U.S. peer-to-peer payments sector and have introduced limited crypto transfers in recent years.
Cash App had 57 million monthly active users in the first quarter of 2025. Its reported revenue reached $3.9 billion during the same period. The app offers basic Bitcoin trading but does not support other digital assets.
Venmo, owned by PayPal, counted 68.3 million users in 2024. It began supporting Solana and Chainlink transactions but still limits broader crypto transfers.
Kraken’s Krak app, by comparison, supports over 20 assets for both crypto and fiat transfers.
Kraken stated that the app aims to serve users looking for cross-border functionality and asset yield options not offered by existing platforms.
Krak App Follows Kraken’s Expansion Into Tokenized Stocks
Kraken launched the Krak app shortly after introducing tokenized stocks for non-U.S. clients in May 2025.
The exchange partnered with Banked to allow trading of token-based equities. The product targets users outside the U.S. and aims to extend Kraken’s asset offerings beyond traditional crypto.
This expansion took place under the leadership of Arjun Sethi, who became co-CEO following an internal shift.
Under Sethi, Kraken has moved toward offering both crypto transfers and financial products such as tokenized stocks.
Other firms are also exploring similar services. In May 2025, Robinhood announced plans to create a blockchain system for European users to trade tokenized U.S. stocks.
Kraken’s app enters that same space with a different approach, combining crypto transfers, fiat transfers, and P2P payments.
Krak App Launch Comes Ahead of Kraken IPO Plans
The Krak app was released as Kraken prepares for a possible initial public offering in 2026.
Kraken has discussed IPO plans in past years but did not confirm a timeline. In 2025, Arjun Sethi said that the company would wait for clearer digital asset regulations before moving forward.
Kraken reported $1.5 billion in revenue for 2024, driven by a rebound in crypto trading volumes and user growth.
The company has not yet confirmed if revenue from the Krak app will be disclosed separately.
The Krak app adds to Kraken’s list of product offerings in a year marked by increased institutional and retail participation in crypto.
With peer-to-peer payments, support for digital assets, and cross-border capabilities, Kraken said it aims to serve users who want to move both crypto and fiat across jurisdictions.
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