Kraken Ventures into Global Payments with New App Launch

In a bold move, Kraken has unveiled a peer-to-peer payments application designed to facilitate both cryptocurrency and fiat currency transfers across more than 100 countries. This initiative marks Kraken's push to diversify its services beyond its digital trading origins, putting it in direct competition with giants like PayPal, Venmo, and CashApp.

Recognizing the growing interest among crypto exchanges to broaden their horizons, Kraken has been proactive in launching new offerings. Just last month, the company announced the introduction of xStocks, tokens of U.S. equities, in select international markets. As competition heats up, Kraken aims to provide customers with a robust, multi-asset transaction platform.

The new app enables Kraken users to have dedicated spend accounts for seamless, instant payments across 300 different assets, whether crypto or local currencies. Notably, blockchain technology will facilitate crypto transfers, while fiat currency transfers will occur internally. Co-CEO Arjun Sethi highlighted the company's decade-long preparation of its money transmitter licenses, positioning it well to meet customer demand for greater financial versatility.

(With inputs from agencies.)