Kraken's New App to Revolutionize Global Peer-to-Peer Payments

Kraken, a leading cryptocurrency exchange, announced the launch of a peer-to-peer payments app on Thursday. The app allows users to send and receive both cryptocurrency and fiat currency across more than 100 countries, marking a significant expansion of Kraken's services.

This development indicates a growing interest among crypto exchanges like Kraken to branch out beyond traditional digital asset trading, initially popularized by retail investors. Last month, Kraken revealed plans to offer U.S. equity tokens, known as xStocks, in select international markets.

The app provides users with dedicated spend accounts and supports transactions across 300 assets, utilizing blockchain for crypto transfers. Arjun Sethi, co-CEO of Kraken, emphasized their decade-long system development for money transfer, which now supports this new initiative.

(With inputs from agencies.)